Net Yield 4.0 5.8 8.4 5.9 6.0 24 August 2018 LISTED ... · GC1 Glennon Small Companies Limited...

Market Update

The domestic LIC market rose 8.5% to $41.1bn over the June quarter, which translated to a

24.3% increase from the level 12 months ago. The market welcomed 5 new Listed Managed

Investments which raised a total of $2.0bn, led by L1 Capital’s Long Short Fund (LSF). A

further $577m of capital was raised via DRPs, placements, entitlements and the exercise of

options, versus $136m in the March quarter. This was largely due to the entitlement offers for

BKI Investment (BKI) and MCP Master Income Trust (MXT).

(continued page 3).

Investment Key Picks

As at the end of the Quarter, our key picks across pre-tax NTA and share price performance,

distribution yield (based on the previous 12 months and including Special Dividends) and

valuation were as follows. Please note that historical performance is no guarantee of future

performance.

Table 1: Quarter Highlights

It is important that clients are aware that the share price of a LIC is impacted by the

oscillation of the discount or premium to NTA, which should be taken into consideration when

investing in LICs. We therefore advise clients to view this report in conjunction with the Bell

Potter Weekly Indicative NTA. For further information please speak to your Bell Potter

Adviser.

Inside this edition

Market Update

LIC Universe Summary

Profiles of Covered LICs

Index

Table of Contents 2

Market Update 3

Summary

Universe Summary 6

Investment Performance 7

Historical Gross Dividend Yield 8

Premium/Discount to NTA 9

Weekly Indicative NTA 15

Liquidity 18

Indirect Cost Ratio 19

LIC Profiles

Domestic Equity

Large Capitalisation 20

Large to Medium Capitalisation 23

Medium and Small Capitalisation 36

Small Capitalisation 42

Long/Short 47

Market Neutral 50

Income 52

International Equity

Global 54

Asia 64

Specialist Investment 66

Appendix A: Glossary of terms 70

Appendix B: Legend to Performance

Measures 72

Appendix C: Disclosures 74

LISTED INVESTMENT COMPANIES.

24 August 2018

June Quarter 2018

Will Gormly [email protected]

Bell Potter Securities Limited [email protected] www.bellpotter.com.au

ABN 25 006 390 772 AFSL no. 243480

SOURCE: COMPANY DATA, IRESS & BELL POTTER

Pre-Tax NTA Performance (p.a.)

30-Jun-18 Large Lrg/Medium Med/Small Alternative International

(%) AUI DUI ACQ FGX MFF

1 years 11.8 15.8 31.2 15.5 20.0

5 years 8.9 11.1 n/a n/a 19.0

10 years 5.7 6.9 n/a n/a 14.7

Share Price Performance (p.a.)


(%) AUI DUI ACQ FGX MFF

1 years 11.4 14.4 30.7 19.0 38.8

5 years 9.7 11.4 n/a n/a 16.8

10 years 5.7 6.9 n/a n/a 18.1

Distribution


(%) AUI CAM NSC DJW PIA

Net Yield 4.0 5.8 8.4 5.9 6.0

Franking 100 100 70 100 100

Gross Yield 5.7 8.3 10.9 8.5 8.6

Valuation


(%) ARG WLE ACQ DJW MFF

Current Disc/Prem -2.3 -5.7 -16.1 2.1 -3.3

1 year avg 1.5 -4.1 -13.4 7.8 -11.0

5 year avg 2.2 n/a n/a 21.3 -6.9

10 year avg 1.2 n/a n/a 17.4 -10.5

LISTED INVESTMENT COMPANIES. 2

Table of Contents

Market Update 3

Summary

Universe Summary 6

Investment Performance 7

Historical Gross Dividend Yield 8

Premium/Discount to NTA 9

Weekly Indicative NTA 15

Liquidity 18

Indirect Cost Ratio 19

LIC Profiles

Domestic Investment Focus

Large Capitalisation (AFI, ARG, AUI) 20

Large to Medium Capitalisation (MLT, BKI, CIN, DUI, WLE, WHF, QVE, PIC, AMH, WDE, CAM, FSI, CBC) 23

Medium to Small Capitalisation (WAM, MIR, WAX, WIC, OZG, NAC) 36

Small Capitalisation (WMI, NSC, NCC, ACQ, BTI) 42

Long/Short (CDM, ALF, WAA) 47

Market Neutral (AEG, WMK) 50

Income (DJW, PL8) 52

International Investment Focus

Global (MFF, PMC, APL, TGG, PIA, PGF, EGI, WGF, GVF, ALI) 54

Asia (EAI, PAF) 64

Specialist Investment Focus

Fund of Funds (FGX, FGG) 66

Activist (URB, SNC) 68

Appendix A: Glossary of terms 70

Appendix B: Legend to Performance Measures 72

Appendix C: Disclosures 74




Market Update

The June 2018 quarter welcomed the listing of 5 new Listed Managed Investments, led by L1 Long Short Fund (LSF) raising

$1.33bn, netting over double the initially declared maximum subscription of $600m. At the end of the quarter LSF reported a

decrease in pre-tax NTA of 11%. Company commentary suggests this is primarily the result of long positions in European financials

and Boral Limited (BLD) which experienced sell-offs whilst a short position in Tesla (TSLA:NAS) rose 23% in June alone.

Evans & Partners were involved in two new Listed Investment Trusts (LITs) to be admitted to the market, Evans & Partners Asia

Fund (EAF) and Evans & Partners Australian Flagship Fund (EFF), with the former the byproduct of the restructuring of

the Asian Masters Fund (AUF) from a fund-of-funds LIC to a direct investment focus on Asia ex-Japan whilst EFF will target a

concentrated portfolio of ASX listed securities.

Wilson Asset Management added a seventh LIC in WAM Global (WGB) which raised $466m, including $136m in oversubscriptions.

WGB will focus on small to mid-cap listed global securities to form a portfolio of undervalued growth companies, which offers a point

difference to other international focused LICs available. Gryphon Capital Income Trust (GCI) listed in May with an investment focus

on capital preservation through domestic asset backed securities. GCI were able to raise $175m and has a target income return of

RBA Cash +3.50% (net of fees).

Table 2: 2Q18 ASX Listings

Table 3: 2Q18 Share Purchase Plans, Placements & Entitlements

*Under the restructure, AUF shareholders received 1 EAF ordinary share for 1 existing share held. No new funds were raised.

In the first quarter of 2018, Global Value Fund (GVF) announced a non-renounceable entitlement offer of 1 share for every 4

existing share, with a public offer for the shortfall if required. In addition to the $15.8m that was recorded in the previous quarter

through the entitlement offer, 10.7m new shares were issued via the public offer that enabled GVF to raise a total of $27.6m in new

capital to be invested in the company’s global investment strategy.

MXT completed a $210.5m capital raise through an entitlement offering at the beginning of April and quickly put the funds

to use by gaining exposure to an additional 14 loans to take the tally to 82 loan facilities at the end of June.

BKI also contributed strongly with $154.5m raised through a combination of an entitlement, shortfall and general offer

over May and June. Cash and equivalents accounted for 15.9% ($187.8m) of the portfolio at the end of the quarter, given the level

was at 5% 12 months ago we will expect BKI to release funds into the market over the next quarter as opportunities present

themselves. Argo Investments (ARG) actioned a share purchase plan that resulted in the issue of 10.7m new shares and a total of

$84.1m raised.

ASX Code Company Name Listing Date Shares Issued Issue Price Amount Raised

LSF L1 Long Short Fund Limited 24-Apr-18 664,839,144 $2.00 $1,329,678,288

EAF Evans & Partners Asia Fund * 17-May-18 130,344,777 $1.10 $0

GCI Gryphon Capital Income Trust 25-May-18 87,650,000 $2.00 $175,300,000

WGB WAM Global Limited 22-Jun-18 211,607,623 $2.20 $465,536,771

EFF Evans & Partners Australian Flagship Fund 27-Jun-18 20,273,426 $1.60 $32,437,482

$2,002,952,540

ASX Code Company Name Method Shares Issued Issue Price Amount Raised

AIQ Alternative Investment Trust Placement (DRP Shortfall) 28,973,910 $0.09 $2,665,600

ARG Argo Investments Share Purchase Plan 10,702,521 $7.86 $84,121,815

BKI BKI Investment Entitlement 102,970,170 $1.50 $154,455,255

GVF Global Value Fund Placement 10,723,768 $1.10 $11,796,145

MXT MCP Master Income Trust Entitlement 105,236,953 $2.00 $210,473,906

WAM WAM Capital Placement (DRP Shortfall) 9,692,878 $2.35 $22,778,263

$486,290,984



Market Update

Capital raised in the June quarter from dividend reinvestment plans (DRPs) decreased from the March quarter of $68.6m to

$21.7m. With the addition of the DRP shortfall placements in Alternative Investment Trust (AIQ) and WAM Capital (WAM), $47.1m

was raised for the quarter with $30.8m being accounted for by WAM. We note that Australian Foundation Investment Company

(AFI) and Argo Investments (ARG) provide half-yearly distributions in February and August each year and contributed $43.5m of

DRP raisings in the previous quarter.

Table 4: 2Q18 Dividend Reinvestment Plans

ASX Code Company Name Shares Issued DRP Price Amount Raised

ABW Aurora Absolute Return Fund 7,251 $0.60 $4,338

ACQ Acorn Capital 132,391 $1.09 $144,266

AIB Aurora Global Income Trust 60,243 $0.46 $27,639

AQF Australian Governance Masters Index Fund Limited 132,391 $1.09 $144,266

AUP Aurora Property Buy-Write Income Trust 3,841 $4.03 $15,496

BAF Blue Sky Alternatives Access Fund Limited 124,176 $1.12 $139,077

CAM Clime Capital 211,788 $0.86 $182,138

CBC CBG Capital 67,938 $1.01 $68,434

CDM Cadence Capital 2,245,419 $1.23 $2,755,174

CIE Contango Income Generator Limited 231,332 $0.92 $213,290

CVF Contrarian Value Fund Limited 670,010 $1.18 $788,066

D2O Duxton Water Limited 71,211 $1.05 $75,106

FGX Future Gen Invest Co 773,203 $1.16 $899,854

GC1 Glennon Small Companies Limited 130,306 $0.96 $125,133

GVF Global Value Fund 458,478 $1.07 $491,874

MFF MFF Capital Investments 642,300 $2.37 $1,519,939

MXT MCP Master Income Trust 117,058 $2.00 $234,292

NAC Naos Absolute Opps Co 126,098 $1.10 $139,099

PIC Perpetual Equity Invest Co 596,946 $1.09 $650,671

QVE QV Equities 252,877 $1.16 $292,134

TOP Thorney Opportunities Ltd 427,579 $0.70 $297,167

WAA WAM Active 207,556 $1.09 $225,427

WAM WAM Capital 3,412,813 $2.35 $8,020,793

WAX WAM Research 1,184,353 $1.47 $1,740,051

WDE Wealth Defenders Equity 232,222 $0.82 $190,875

WHF Whitefield 239,943 $4.36 $1,046,151

WLE WAM Leaders 952,931 $1.12 $1,062,709

WMI WAM Microcap 151,336 $1.36 $205,378

$21,698,838


Market Update

Options are regularly being omitted from recent LIC listing as management opts to cover the initial listing fee to ensure the company

begins trading at the NTA. For the foreseeable future they will continue to be a contributing factor in LIC capital raisings with

$69.5m raised via option exercises in the past quarter, up from $41.9m in the previous quarter. Antipodes Global Investment

Company (APL/APLO) continued to be the largest raiser through exercised options which were in -the-money for the entire

quarter.

Two large inflows of funds were received in options expiring in the quarter. Ellerston Global Investments (EGI/EGIO) raised an

additional $17.9m to take the total to 96% of options exercised, with the remaining underwritten for a total of $34.1m made available

for further investment. $18.1m of the total $20.1m of new capital was raised for Duxton Water Limited (D2O/D2OO) in the June

quarter as the options return to in-the-money. As per company announcement, funds are expected to be used to wind-down the

debt facility that has been used to acquire water rights.

Table 5: 2Q18 Options Exercised

Table 6: Outstanding Options

At the end of the quarter we have still have $1.28bn in unexercised options across 12 option carrying companies that we are

currently following. The options on 5 of these companies are due expire in the second half of the year, if all are exercised it would

equate to $464.1m in new capital, however, only 2 options being APLO and RYDO ended the quarter trading at or in-the-money.

ASX Option Code Company Name Exercised Exercise Price Amount Raised Expiry Date

CIEO Contango Income Generator Limited 59,300 $1.00 $59,300 Expired

D2OO Duxton Water Limited 16,445,281 $1.10 $18,089,809 Expired

SNCOA Sandon Capital 295,590 $1.05 $310,370 Expired

URBO URB Investments 234,973 $1.10 $258,470 Expired

EGIO Ellerston Global Investments 17,868,634 $1.00 $17,868,634 Expired

WAAO WAM Active 775,846 $1.14 $884,464 17-Sep-18

APLO Antipodes Gbl Invest Co 21,294,006 $1.10 $23,423,407 15-Oct-18

RYDO Ryder Capital Limited 3,937,500 $1.25 $4,921,875 10-Dec-18

EAIO Ellerston Asian Investments 1,959,786 $1.00 $1,959,786 28-Feb-19

PL8O Plato Income Maximiser 18,182 $1.10 $20,000 29-Apr-19

PIAO Pengana International Eq 1,307,666 $1.18 $1,543,046 10-May-19

OZGOC Ozgrow th 1,100 $0.19 $209 31-Aug-19

WICOC WestOz Investment Co. 141,563 $1.06 $150,057 31-Aug-19

$69,489,427

ASX Option Code Company Name Share Price Exercise Price Outstanding Options Potential Raise Expiry Date

WAAO WAM Active $1.11 $1.14 30,088,590 $34,300,993 17-Sep-18

APLO Antipodes Gbl Invest Co $1.18 $1.10 223,020,809 $245,322,890 15-Oct-18

WGFO Watermark Global Leaders Fund Limited $0.92 $1.10 82,799,001 $91,078,901 16-Nov-18

MECO Morphic Ethical Equities Fund Limited $1.04 $1.10 43,402,026 $47,742,229 30-Nov-18

RYDO Ryder Capital Limited $1.25 $1.25 36,544,500 $45,680,625 10-Dec-18

EAIO Ellerston Asian Investments $1.07 $1.00 63,849,469 $63,849,469 28-Feb-19

PL8O Plato Income Maximiser $1.03 $1.10 295,935,237 $325,528,761 29-Apr-19

PIAO Pengana International Eq $1.16 $1.18 243,984,040 $287,901,167 10-May-19

WQGO Wcm Global Grow th Limited $1.08 $1.10 90,867,952 $99,954,747 24-Jun-19

OZGOC Ozgrow th $1.17 $0.19 35,478,862 $6,740,984 31-Aug-19

WICOC WestOz Investment Co. $0.18 $1.06 11,185,838 $11,856,988 31-Aug-19

BHDO Benjamin Hornigold Limited $0.71 $1.00 16,674,856 $16,674,856 28-Apr-20

$1,276,632,609SOURCE: COMPANY DATA, IRESS & BELL POTTER



*12 month historical dividends including Special Dividends. *ICR with performance fee. SOURCE: COMPANY DATA, IRESS & BELL POTTER

Universe Summary

The LICs in Bell Potter coverage ended the June quarter trading at a 2.2% weight average discount to pre-tax NTA, a decrease

from the 1.4% premium recorded at the end of March. The 3.7% discount on an arithmetic basis for the previous quarter was

increased to a 6.2% discount, outside of Domestic only mandates there was a reduction in the weighted average discounts in

International and Specialist coupled with lower average dividend yields.

Table 7: Current Share Price Premium/Discount to NTA and Yield

ASX

Code Company name Investment Mandate

Market

Cap

($M)

Price

($)

Pre-tax

NTA

($)

Prem/

Disc to

pre-tax

NTA (%)

Post-

tax

NTA

($)

Prem/

Disc to

post-tax

NTA (%)

Dividend

Per

Share

($)*

Net

Dividend

Yield

(%)*

Franking

(%)

Gross

Dividend

Yield

(%)*

Indirect

Cost

Ratio

(%)

Domestic Equity

AFI AFIC Large 7,307 6.16 6.27 -1.75 5.34 15.4 0.240 3.9 100 5.6 0.14

ARG Argo Investments Large 5,653 7.97 8.16 -2.3 7.16 11.3 0.315 4.0 100 5.6 0.16

AUI Australian United Large 1,073 8.65 9.21 -6.1 7.91 9.4 0.345 4.0 100 5.7 0.10

MLT Milton Corporation Large/Medium 3,034 4.61 4.73 -2.5 4.16 10.8 0.188 4.1 100 5.8 0.12

BKI BKI Investment Large/Medium 1,106 1.53 1.63 -6.4 1.54 -1.0 0.073 4.8 100 6.9 0.15

CIN Carlton Investments Large/Medium 876 33.08 37.09 -10.8 30.80 7.4 1.190 3.6 100 5.1 0.08

DUI Diversified United Large/Medium 860 4.10 4.46 -8.1 3.80 7.9 0.145 3.5 100 5.1 0.14

WLE WAM Leaders Large/Medium 809 1.15 1.22 -5.7 1.19 -3.4 0.045 3.9 100 5.6 1.62

WHF Whitefield Large/Medium 397 4.54 5.01 -9.4 4.60 -1.3 0.178 3.9 100 5.6 0.40

QVE QV Equities Large/Medium 317 1.15 1.23 -6.5 1.18 -2.5 0.041 3.6 100 5.1 1.01

PIC Perpetual Equity Invest Co Large/Medium 298 1.17 1.16 0.9 1.14 2.6 0.055 4.7 100 6.7 1.32

AMH AMCIL Large/Medium 251 0.96 1.02 -5.9 0.94 2.1 0.035 3.6 100 5.2 0.68

WDE Wealth Defenders Equity Large/Medium 108 0.85 0.96 -12.0 0.98 -13.8 0.030 3.6 100 5.1 1.25

CAM Clime Capital Large/Medium 78 0.87 0.94 -8.0 0.91 -4.9 0.050 5.8 100 8.3 1.92

FSI Flagship Investments Large/Medium 43 1.66 1.98 -16.2 1.87 -11.2 0.075 4.5 100 6.5 1.47

CBC CBG Capital Large/Medium 23 0.93 1.06 -12.7 1.03 -10.2 0.031 3.3 100 4.7 2.19

WAM WAM Capital Medium/Small 1,591 2.38 2.03 17.2 1.98 20.2 0.153 6.4 100 9.2 1.18

MIR Mirrabooka Medium/Small 425 2.69 2.59 3.9 2.29 17.5 0.140 5.2 100 7.4 0.62

WAX WAM Research Medium/Small 284 1.51 1.28 18.0 1.25 20.8 0.093 6.1 100 8.8 1.32

WIC WestOz Investment Co. Medium/Small 152 1.17 1.28 -9.0 1.23 -5.3 0.060 5.2 100 7.4 1.89

OZG Ozgrowth Medium/Small 64 0.18 0.23 -21.7 0.22 -18.2 0.005 2.8 100 4.0 1.38

NAC Naos Absolute Opps Co Medium/Small 50 0.96 1.11 -14.0 1.09 -12.4 0.053 5.5 100 7.9 2.42

WMI WAM Microcap Small/Micro 200 1.43 1.35 5.6 1.28 11.3 0.020 1.4 100 2.0 n/a

NSC Naos Small Cap Opps Co Small/Micro 129 0.77 0.95 -19.5 0.92 -16.8 0.064 8.4 70 10.9 2.94

NCC Naos Emerging Opps Co Small/Micro 75 1.26 1.28 -2.0 1.23 2.0 0.073 5.8 100 8.3 2.57

ACQ Acorn Capital Small/Micro 61 1.15 1.37 -16.1 1.27 -9.4 0.047 4.1 100 5.8 1.75

BTI Bailador Tech Investments Unlisted Tech 89 0.74 1.11 -33.3 1.06 -30.2 0.000 0.0 - 0.0 2.55

CDM Cadence Capital Long/Short 397 1.25 1.25 0.0 1.30 -3.8 0.080 6.4 100 9.1 2.01

ALF Australian Leaders Fund Long/Short 281 1.03 1.22 -15.6 1.22 -15.6 0.000 0.0 - 0.0 1.25

WAA WAM Active Long/Short 46 1.11 1.10 0.5 1.08 2.3 0.056 5.1 100 7.2 3.89

AEG Absolute Equity Perf Fund Market Neutral 118 1.17 1.19 -2.1 1.16 0.4 0.045 3.9 100 5.5 3.08

WMK Watermark Market Neutral Market Neutral 70 0.80 0.95 -15.8 0.96 -16.7 0.035 4.4 100 6.3 1.74

DJW Djerriwarrh Investments Income 747 3.38 3.31 2.1 3.29 2.7 0.200 5.9 100 8.5 0.46

PL8 Plato Income Maximiser Income 304 1.03 1.10 -6.8 1.10 -6.8 0.047 4.6 100 6.6 n/a


MFF MFF Capital Investments Global 1,444 2.67 2.76 -3.3 2.30 16.1 0.025 0.9 100 1.3 0.91

PMC Platinum Capital Global 598 2.09 1.75 19.4 1.65 26.7 0.100 4.8 100 6.8 1.42

APL Antipodes Gbl Invest Co Global 433 1.18 1.27 -7.1 1.24 -4.8 0.000 0.0 - 0.0 n/a

TGG Templeton Global Growth Global 318 1.42 1.56 -9.0 1.50 -5.3 0.045 3.2 100 4.5 1.12

PIA Pengana International Eq Global 287 1.16 1.23 -5.7 1.21 -4.5 0.070 6.0 100 8.6 1.98

PGF PM Capital Global Opp Global 467 1.33 1.39 -4.3 1.28 3.9 0.036 2.7 100 3.9 1.49

EGI Ellerston Global Investments Global 117 1.07 1.17 -8.5 1.14 -6.1 0.040 3.7 100 5.3 1.41

WGF Watermark Global Leaders Global (Long/Short) 76 0.92 1.08 -15.3 1.07 -14.5 0.000 0.0 - 0.0 n/a

GVF Global Value Fund Global (Multi Assets) 157 1.07 1.10 -3.2 1.09 -2.3 0.063 5.9 50 7.2 3.55

ALI Argo Global Infrastructure Global (Listed Infra) 256 1.80 2.16 -16.7 2.12 -15.1 0.038 2.1 0 2.1 1.51

EAI Ellerston Asian Investments Asia 117 1.07 1.11 -3.6 1.13 -5.3 0.000 0.0 - 0.0 1.23

PAF PM Capital Asian Opp Asia 64 1.13 1.26 -10.3 1.18 -4.2 0.050 4.4 100 6.3 1.48

Specialist

FGX Future Gen Invest Co Fund of Funds 441 1.26 1.28 -2.0 1.24 1.2 0.044 3.5 100 5.0 0.14

FGG Future Gen Global Invest Gbl Funds of Funds 403 1.36 1.33 2.3 1.27 7.1 0.010 0.7 100 1.1 0.45

URB URB Investments AU Equity & Property 66 0.90 1.05 -14.3 1.05 -14.3 0.005 0.6 100 0.8 n/a

SNC Sandon Capital Activist 45 0.93 0.99 -6.6 0.96 -3.6 0.070 7.6 100 10.8 4.72

Arithmetic Average (All) -6.2 -1.3 3.8 5.4

Weighted Average (All) -2.2 8.9 3.9 5.6

Weighted Average (Domestic Market Cap - Over $500m) -1.7 11.4 4.2 6.0

Weighted Average (Domestic Market Cap - Under $500m) -4.7 -0.9 4.3 6.1

Weighted Average (Domestic All) -2.2 9.5 4.2 6.0

Weighted Average (International Equity) -2.5 6.7 2.4 3.3

Weighted Average (Specialist) -1.2 2.4 2.3 3.3


CDM: In May 2011 CDM received $0.22 per CDM share of franking credits when RHG returned the majority of its assets in the form of a fully franked dividend. At the time, CDM shares were trading at $1.25. These franking credits were worth 17.6% of the CDM share price at the time and are not reflected in our performance calculations as the calculations are based on pre-tax NTA and not post-tax NTA.


Investment Performance

In the Table below, we have evaluated our LICs using the performance of both the pre-tax NTA and share price. The pre-tax NTA

data seeks to measure the performance of the underlying investments of the Fund. Whereas, the share price data measures the

performance of the security as it trades on the ASX. However, some of this terminology is a little misleading as the pre-tax NTA

actually reflects tax associated with realised capital gains (tax applicable on positions that have been exited) but not unrealised

capital gains (tax applicable on positions that have not been exited).

Table 8: Pre-tax NTA and Share Price Performance

Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr 1 Yr 3 Yr 5 Yr 7 Yr 10

Domestic Equity

AFI AFIC 10.9 6.8 8.2 8.4 6.5 -2.1 -2.2 -1.8 -0.7 0.1 10.3 4.4 6.7 9.3 6.5 -3.4 -5.1 -3.6 0.3 0.3

ARG Argo Investments 10.2 7.1 8.8 8.6 6.3 -2.8 -1.9 -1.2 -0.5 -0.1 8.1 4.1 8.4 9.5 5.5 -5.6 -5.4 -1.9 0.5 -0.7

AUI Australian United 11.8 8.1 8.9 8.0 5.7 -1.2 -0.9 -1.1 -1.1 -0.7 11.4 7.0 9.7 9.1 5.7 -2.3 -2.5 -0.6 0.1 -0.5

MLT Milton Corporation 9.3 7.0 8.5 9.2 7.0 -4.4 -2.5 -1.8 0.2 0.8 6.5 5.2 9.1 10.6 6.6 -7.2 -4.3 -1.2 1.6 0.4

BKI BKI Investment 6.1 4.3 6.1 7.0 5.7 -7.1 -4.8 -3.9 -2.0 -0.6 -1.6 1.5 6.0 8.6 7.6 -15.3 -8.0 -4.3 -0.4 1.4

CIN Carlton Investments 4.6 5.9 10.8 12.1 10.1 -8.4 -3.1 0.8 3.0 3.7 8.9 5.3 13.5 14.5 11.5 -4.8 -4.2 3.2 5.5 5.3

DUI Diversified United 15.8 10.8 11.1 10.2 6.9 2.8 1.8 1.1 1.1 0.5 14.4 9.6 11.4 11.2 6.9 0.7 0.1 1.1 2.2 0.7

WLE WAM Leaders 9.1 - - - - -3.9 - - - - 7.3 - - - - -6.4 - - - -

WHF Whitefield 5.7 6.2 9.8 11.4 8.5 -2.1 -1.5 -0.5 -0.9 -0.7 3.9 4.4 9.6 12.7 9.0 -3.9 -3.3 -0.7 0.4 -0.2

QVE QV Equities 5.3 8.7 - - - -7.9 -0.4 - - - -11.3 6.0 - - - -24.5 -3.1 - - -

PIC Perpetual Equity Invest Co 9.8 8.9 - - - -3.4 -0.2 - - - 18.9 11.0 - - - 5.2 1.5 - - -

AMH AMCIL 11.6 8.1 10.3 10.8 9.7 -1.4 -0.9 0.3 1.7 3.3 9.1 6.4 9.9 12.4 9.6 -4.6 -3.1 -0.4 3.4 3.4

WDE Wealth Defenders Equity 7.7 2.6 - - - -5.5 -6.5 - - - 10.1 -2.5 - - - -3.1 -11.6 - - -

CAM Clime Capital 11.6 4.4 2.3 3.1 5.3 -2.1 -5.1 -8.0 -5.9 -0.9 5.3 4.2 2.1 5.1 7.1 -8.4 -5.3 -8.2 -3.9 0.9

FSI Flagship Investments 12.7 9.1 10.1 9.5 8.0 -1.0 -0.4 -0.2 0.5 1.8 12.4 11.8 9.9 8.3 7.3 -1.3 2.3 -0.4 -0.7 1.1

CBC CBG Capital 12.2 6.0 - - - -0.8 -3.0 - - - 6.3 2.3 - - - -7.4 -7.2 - - -

WAM WAM Capital 12.8 11.8 11.7 10.8 10.3 -0.9 2.3 1.4 1.8 4.1 6.0 14.6 15.0 14.0 14.8 -7.7 5.1 4.7 5.0 8.6

MIR Mirrabooka 15.0 11.2 12.9 12.4 10.0 -3.1 -4.9 -1.4 3.9 4.9 4.9 6.9 10.3 12.6 10.6 -8.8 -2.6 0.0 3.6 4.4

WAX WAM Research 13.2 12.1 12.9 12.2 10.4 -0.5 2.6 2.6 3.2 4.2 6.4 16.0 16.2 19.0 15.8 -7.3 6.5 5.9 10.0 9.6

WIC WestOz Investment Co. 22.1 14.9 8.3 4.5 - -2.1 -0.1 -3.3 -0.4 - 28.4 15.9 9.9 9.5 - 14.7 6.4 -0.4 0.5 -

OZG Ozgrowth 19.8 13.8 7.7 4.9 5.5 -4.4 -1.2 -3.9 0.0 2.9 15.8 8.8 8.3 8.4 5.1 2.1 -0.7 -2.0 -0.6 -1.1

NAC Naos Absolute Opps Co 5.7 6.0 - - - -7.5 -3.1 - - - -2.8 6.4 - - - -16.5 -3.1 - - -

WMI WAM Microcap 26.2 - - - - 2.0 - - - - 28.5 - - - - 14.8 - - - -

NSC Naos Small Cap Opps Co 1.1 2.1 4.6 -0.1 -0.4 -23.1 -12.9 -7.0 -5.0 -3.0 -8.8 -4.6 2.2 1.1 2.2 -22.5 -14.1 -8.1 -7.9 -4.0

NCC Naos Emerging Opps Co 4.7 11.7 8.8 - - -19.5 -3.3 -2.8 - - -0.6 14.1 11.1 - - -14.3 4.6 0.8 - -

ACQ Acorn Capital 31.2 17.2 - - - 7.0 2.2 - - - 30.7 21.0 - - - 6.5 6.0 - - -

BTI Bailador Tech Investments 3.7 0.9 - - - -4.3 -7.1 - - - -17.8 -6.7 - - - -31.5 -16.2 - - -

CDM Cadence Capital 14.8 3.7 6.6 8.3 9.5 1.1 -5.8 -3.7 -0.7 3.3 7.6 3.6 6.9 9.7 11.8 -6.1 -5.9 -3.4 0.7 5.6

ALF Australian Leaders Fund -3.2 2.2 2.6 5.8 9.1 -16.9 -7.3 -7.7 -3.2 2.9 -14.5 -1.5 -0.8 4.7 10.7 -28.2 -11.0 -11.1 -4.3 4.5

WAA WAM Active 10.3 9.8 8.2 7.2 7.6 -3.4 0.3 -2.1 -1.8 1.4 5.5 10.3 6.7 8.4 8.8 -8.2 0.8 -3.6 -0.6 2.6

AEG Absolute Equity Perf Fund 11.4 - - - - 9.9 - - - - 7.9 - - - - -5.8 - - - -

WMK Watermark Market Neutral -0.5 3.8 - - - -2.0 2.1 - - - -17.6 4.9 - - - -31.3 -4.6 - - -

DJW Djerriwarrh Investments 8.7 5.4 6.3 6.4 4.9 -4.3 -3.6 -3.7 -2.7 -1.5 -2.8 -4.8 1.3 4.5 4.0 -16.5 -14.3 -9.0 -4.5 -2.2

PL8 Plato Income Maximiser 10.2 - - - - -4.4 - - - - -2.6 - - - - -16.3 - - - -


MFF MFF Capital Investments 20.0 12.5 19.0 22.0 14.7 6.8 4.6 6.6 9.6 7.9 38.8 15.9 16.8 23.5 18.1 25.6 8.0 4.4 11.1 11.3

PMC Platinum Capital 13.5 6.8 9.1 10.6 9.4 -1.5 -2.9 -5.0 -3.2 0.8 31.2 11.3 13.5 13.6 11.2 16.2 1.6 -0.6 -0.2 2.6

APL Antipodes Gbl Invest Co 6.1 - - - - -8.9 - - - - -5.2 - - - - -20.2 - - - -

TGG Templeton Global Growth 8.3 4.5 9.5 10.8 6.5 -6.7 -5.2 -4.6 -3.0 -2.1 7.9 6.4 10.2 13.0 7.3 -7.1 -3.3 -3.9 -0.8 -1.3

PIA Pengana International Eq 10.2 2.1 10.3 9.1 6.2 -5.2 -7.9 -4.4 -5.7 -2.8 11.5 6.1 13.8 11.0 8.0 -3.9 -3.9 -0.9 -3.8 -1.0

PGF PM Capital Global Opp 15.1 8.7 - - - -0.2 -1.2 - - - 24.2 12.3 - - - 8.9 2.4 - - -

EGI Ellerston Global Investments 5.6 4.4 - - - -5.3 -4.2 - - - 10.0 0.2 - - - -0.9 -8.4 - - -

WGF Watermark Global Leaders 0.0 - - - - -1.5 - - - - -9.9 - - - - -24.9 - - - -

GVF Global Value Fund 5.9 3.1 - - - -0.1 -2.9 - - - -2.9 6.8 - - - -10.2 2.0 - - -

ALI Argo Global Infrastructure 6.8 - - - - 0.1 - - - - -0.6 - - - - -7.3 - - - -

EAI Ellerston Asian Investments 5.3 - - - - -6.3 - - - - 14.4 - - - - 2.8 - - - -

PAF PM Capital Asian Opp 7.7 7.4 - - - -6.4 -1.1 - - - 8.1 9.1 - - - -6.0 0.6 - - -

Specialist

FGX Future Gen Invest Co 15.5 8.9 - - - 1.8 -0.6 - - - 19.0 7.6 - - - 5.3 -1.9 - - -

FGG Future Gen Global Invest 16.2 - - - - 1.2 - - - - 27.0 - - - - 12.0 - - - -

URB URB Investments 1.5 - - - - -6.5 - - - - -15.1 - - - - -28.8 - - - -

SNC Sandon Capital 7.6 8.7 - - - -6.1 -0.8 - - - 5.6 9.8 - - - -8.1 0.3 - - -

Performance (%) Value-add+ (%) Performance (%)

Share pricePre-tax NTA

Value-add+ (%)

ASX

Code

ASX Listed

Investment Companies



Investment Performance (continued)

The measurement of a LIC’s performance is calculated after all operating expenses, provision and payment of both income and

realised capital gains tax and the reinvestment of dividends, but does not incorporate franking. LIC returns will consequently be

understated relative to the Index return given that the Benchmarks do not factor in operating costs or taxation. The performance of

Unlisted Unit Trusts are not measured on an after tax basis and are therefore, generally, not a valid comparison.

In order to assess a LIC’s performance, NTA and share price need to be evaluated with respect to the relative mandate and/or

benchmark, giving varying outcomes from different styles of investment. Hence, for the Domestic LICs we have categorised the

LIC’s Mandate into those with a Large, Large to Medium, Medium to Small, and Small Market Capitalisation investment focus,

Long/Short/Market Neutral, International, and Specialist investment focuses following an analysis of the LIC’s Top Stock Holdings.

In general, the NTA has been benchmarked against the relative indices preferred by the Manager and these should be most

reflective of its mandate. The share price of each LIC, apart from International and Specialist LICs, has been benchmarked against

the All Ordinaries Accumulation Index. As this is the broadest index on the ASX and the exchange in which each LIC trades, this is

arguably a less relevant benchmark.

Our value-add columns seek to quantify the value generated by the Manager, being the difference between the performance of the

share price and pre-tax NTA against the relevant benchmark. A positive value indicates outperformance against the Benchmark

and a negative value indicates an underperformance. We view the pre-tax NTA value-add as the most relevant measure of

management performance.

Historical Gross Dividend Yield

Dividends are an important aspect of any investment decision. In the Graph below, we have included historical Net Dividend Yield

and Gross Dividend Yield for the LICs in our universe. Nonetheless, investors must realise that although historical yield is clearly a

key consideration when selecting a LIC, it is no guarantee of future yield. Please note several LICs have recently entered the

market and have not paid a dividend yet.

Graph 1: Historical Dividend Yield (Net and Gross)

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Premium/Discount to NTA

We have categorised our universe of LICs according to the percentage premium or discount the share price trades at relative to the

pre-tax NTA.

Table 9: Share Price Premium/Discount versus Pre-Tax NTA

LICs often trade at a consistent premium or discount to NTA, with the standard deviation providing a measure of the range in which

a LIC’s premium/discount normally falls. By determining each LIC’s average premium/discount we can look for anomalies between

average premiums/discounts to NTA and current premiums/discounts to NTA. We have calculated each LIC’s 5-year average

(please note a number of LICs have a history less than 5 years and therefore not included in the graph) share price premium/

discount to reported pre-tax NTA as well as its standard deviation from that average, which we portray in the below graph. Here, we

are trying to convey whether or not a LIC is cheap or expensive compared to its historical average.

Substantial premium % Approximately in line % Substantial discount %

PMC Platinum Capital 19.4 WMI WAM Microcap 5.6 PIA Pengana International Eq -5.7

WAX WAM Research 18.0 MIR Mirrabooka 3.9 WLE WAM Leaders -5.7

WAM WAM Capital 17.2 FGG Future Gen Global Invest 2.3 AMH AMCIL -5.9

WMI WAM Microcap 5.6 DJW Djerriwarrh Investments 2.1 AUI Australian United -6.1

PIC Perpetual Equity Invest Co 0.9 BKI BKI Investment -6.4

WAA WAM Active 0.5 QVE QV Equities -6.5

CDM Cadence Capital 0.0 SNC Sandon Capital -6.6

AFI AFIC -1.8 PL8 Plato Income Maximiser -6.8

NCC Naos Emerging Opps Co -2.0 APL Antipodes Gbl Invest Co -7.1

FGX Future Gen Invest Co -2.0 CAM Clime Capital -8.0

AEG Absolute Equity Perf Fund -2.1 DUI Diversified United -8.1

ARG Argo Investments -2.3 EGI Ellerston Global Investments -8.5

MLT Milton Corporation -2.5 TGG Templeton Global Growth -9.0

GVF Global Value Fund -3.2 WIC WestOz Investment Co. -9.0

MFF MFF Capital Investments -3.3 WHF Whitefield -9.4

EAI Ellerston Asian Investments -3.6 PAF PM Capital Asian Opp -10.3

PGF PM Capital Global Opp -4.3 CIN Carlton Investments -10.8

WDE Wealth Defenders Equity -12.0

CBC CBG Capital -12.7

NAC Naos Absolute Opps Co -14.0

URB URB Investments -14.3

WGF Watermark Global Leaders -15.3

ALF Australian Leaders Fund -15.6

WMK Watermark Market Neutral -15.8

ACQ Acorn Capital -16.1

FSI Flagship Investments -16.2

ALI Argo Global Infrastructure -16.7

NSC Naos Small Cap Opps Co -19.5

OZG Ozgrowth -21.7

BTI Bailador Tech Investments -33.3



Premium/Discount to NTA (continued)

The average share price discount to pre-tax NTA for this quarter is –1.0x (Standard Deviation). LICs with a Large to Mid Cap

investment focus were predominately trading at a discount to the 5-year NTA average, with the exception being CIN. International

focused LICs stand out as the investment focus likely to be trading at a premium .

Graph 3: Share Price Premium/Discount versus Pre-Tax NTA

In Graph below we have provided some context to the share price premium or discount to pre-tax NTA. Pre-tax NTA reflects

realised capital gains (tax applicable on positions that have been exited) but not unrealised capital gains (tax applicable on positions

that have not been exited).

Graph 2: Share Price Premium/Discount to Pre-Tax NTA Relative to 5-year Average


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Lrg Cap Lrg/Med Cap Med/Sml Cap Long/Short / Neutral / Income International

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The graph below shows the share price premium/discount against post-tax NTA. Post-tax NTA reflects realised (tax applicable on

positions that have been exited) and unrealised capital gains (tax applicable on positions that have not been exited). While this

measure is arguably less relevant, it does provide additional comparison, particularly when viewed with the graph above. Post-tax

NTA is most useful in a wind-up scenario.

Graph 4: Share Price Premium/Discount versus Post-Tax NTA

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AFI

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AUIMLTBKI

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DUIWHF

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AMHWDECAM

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PIAPGF

EGI

GVF

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SNC

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5 year pre-tax NTA performance


Graphs 5 & 6 show the pre-tax NTA performance of each LIC, assuming dividends are reinvested, over the past 3 and 5 years. This

is reflected by its position along the horizontal axis, with LICs further to the right having achieved higher returns. The Graphs also

highlight the share price premium or discount to pre-tax NTA at which each LIC was trading at Quarter End. This is reflected by

each LIC’s position along the vertical axis.

Graphs 5 & 6: Share Price Premium/Discount vs Pre-Tax NTA Performance

Pre-tax NTA performance is one way of reflecting the performance of a LIC’s management and the standard deviation of the

pre-tax NTA performance can be used as a measure of risk by reflecting the movement or dispersion from the average return. The

below graphs can therefore give an indication of a LIC’s risk-return over the time periods.

Graphs 7 & 8: Pre-Tax NTA Performance Standard Deviation vs Pre-Tax NTA Performance




LICs by their very nature can trade at either a premium or discount to pre-tax NTA. However, from a quantitative perspective, we

have noted a tendency for LICs to revert to their mean premium or discount through the Cycle. As such, investors need to be

cognizant of how a LIC trades through the Economic Cycle to ensure an investment is timed appropriately.

As noted in our quarterly in September 2015, Large LICs (Market Cap > $500m) appear to behave differently from Small LICs

(Market Cap < $500m) through the Economic Cycle. Large LICs tend to trade at a substantial premium to pre-tax NTA in

perceivably difficult or uneasy market conditions and a lower premium to pre-tax NTA in perceivably improving market conditions.

One could argue that during uneasy market conditions investors prefer the safety of Large LICs with an established track record

and hence push them up into substantial premiums. Whereas, in more favourable market conditions, investors have a tendency to

view large LICs as a lower return investment alternative and instead favour smaller and more exotic LICs, hence driving large LICs’

premiums lower.

Graph 9: Large Cap Focused LICs’ Average Share Price Premium/Discount to Pre-tax NTA

However, it is interesting to note, that we are currently in a period where Large LICs are deviating from its norm. Since early 2013,

we see Large LICs trading at a premium to pre-tax NTA - even in a rising market. This phenomenon exists due to an increase of

demand for Large LICs. We associate this greater demand to two underlying factors.

Future of Financial Advice (FoFA) reforms. Since July 2013, commissions paid to financial planners by providers of

managed fund have been banned going forward. This has removed the incentive for financial planners to use Managed

Funds over LICs or ETFs.

A competitive dividend yield in comparison to the ASX200. In July 2010, there was a significant change in the

Corporation Act that have paved the way for LICs to offer greater consistency in dividends. Previously, companies could only

pay a dividend if they had an accounting profit, which saw a number of LICs being unable to pay dividends through the GFC.

However, following the introduction of the solvency test, LICs now have greater flexibility to offer sustainable dividend

polices even with the absence of an accounting profit.

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Average Premium/Discount (RHS) All Ords (LHS)

SEP 2008:Lehman

Brothers Collapse

FEB 2012:Second Greek

Bailout

JUN 2015:Chinese Share

Market Crash

JUN 2016:Brexit

NOV 2016:Trump

Elected

FEB 2009:Aus Govt.

announcessecond stimulus

package at $42b





Small/Mid LICs tend to operate in almost an opposing fashion. In general, Small/Mid LICs trade at a larger discount to pre-tax NTA,

averaging an 9.6% discount over the last 10 years, which compares to the Large LICs 3.7% premium over the same period. Broadly

speaking, as market confidence rises, Small LICs tend to trade at a smaller discount as investors’ confidence rises. However, as

market conditions turn, these small discounts tend to turn into deep discounts.

Graph 10: Small/Mid Cap Focused LICs’ Average Share Price Premium/Discount to Pre-tax NTA

The graph below shows International LICs’ discounts have historically been pretty much correlated with the global markets. These

LICs traded at varying deep discounts when first introduced, for a combination of both the GFC made investors reluctant to hold

international assets and international vehicles were originally not viewed as the yield making machines as domestic stocks.

However as global share markets rose, so did the demand for these LICs—narrowing these discounts. While, as confidence falls

within the global markets, we tend to see these discounts expand.

Graph 11: International Cap Focused LICs’ Average Share Price Premium/Discount to Pre-tax NTA

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Average Premium/Discount (RHS) All Ords (LHS)

MAY 2010:First Greek

Bailout

FEB 2012:Second Greek

Bailout


Market Crash

JUN 2016:Brexit

NOV 2016:Trump Elected

FEB 2009:Aus Govt. announces second

stimulus package at $42b

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Average Premium/Discount (RHS) MSCI

MAY 2010:First Greek Bailout

FEB 2012:Second Greek Bailout


Market Crash

JUN 2016:Brexit

NOV 2016:Trump Elected



LIC Indicative NTA

LICs are only obligated to disclose their NTA at the end of each month and have 14 days to disclose this information to the Market.

This means that an investor is only able to retrospectively gauge the value of the underlying NTA and for the remainder of the

month be ignorant to the underlying value of the NTA.

Bell Potter has sought to address this gap by providing an Indicative Live NTA. We calculate the Indicative NTA by tracking the

underlying NTA each week. This is achieved by monitoring the percentage movements of the Disclosed Holdings and using an

appropriate proxy to track the movement of the remaining positions. We also adjust the NTA when the security goes

ex-dividend.

The Indicative NTA works best with LICs that have a high percentage of investments concentrated in its Top 20 Holdings, regular

disclosure of its holdings and cash position, lower turnover of its investments, and the absence of a performance fee.

Table 10: Indicative Premium/Discount to Pre-Tax NTA (as at 20 August 2018)

1 year 3 years 5 years

AFI AFIC Large $6.21 $6.25 -0.7% 1.1% 2.0% 2.6%

ARG Argo Investments Large $8.30 $8.36 -0.7% 1.5% 2.5% 2.2%

AUI Australian United Investments Large $9.00 $9.49 -5.2% -3.0% -4.6% -4.8%

MLT Milton Corporation Large/Medium $4.66 $4.74 -1.8% -0.4% 0.1% 0.3%

BKI BKI Investment Large/Medium $1.55 $1.64 -5.9% 2.2% 2.6% 1.0%

CIN Carlton Investments Large/Medium $34.15 $39.01 -12.5% -11.6% -12.0% -11.6%

DUI Diversified United Investments Large/Medium $4.42 $4.62 -4.3% -4.5% -5.6% -5.9%

WHF Whitefield Large/Medium $4.79 $5.19 -7.6% -6.6% -7.9% -7.1%

AMH AMCIL Large/Medium $0.93 $0.99 -6.3% -5.3% -2.5% -1.4%

WLE WAM Leaders Large/Medium $1.22 $1.22 ^ -0.3% -4.1% n/a n/a

FSI Flagship Investments Large/Medium $1.75 $1.95 ^ -10.1% -12.7% -15.3% -14.3%

WAM WAM Capital Medium/Small $2.50 $2.02 ^ 23.6% 21.5% 17.2% 13.3%

MIR Mirrabooka Investments Medium/Small $2.64 $2.52 4.6% 9.7% 13.6% 13.6%

WIC WestOz Investments Medium/Small $1.17 $1.27 # -8.0% -10.7% -12.8% -11.1%

WAX WAM Research Medium/Small $1.64 $1.29 ^ 27.5% 23.7% 18.4% 13.2%

TOP Thorney Opportunities Medium/Small $0.68 $0.81 ^ -16.1% -11.1% -8.2% n/a

OZG OzGrowth Medium/Small $0.19 $0.23 # -19.6% -19.9% -19.5% -17.2%

TEK Thorney Technologies Medium/Small $0.25 $0.27 ^ -7.4% 6.4% n/a n/a

WAA WAM Active Medium/Small $1.15 $1.11 ^ 3.5% 4.6% 4.0% 8.5%

NSC NAOS Small Cap Opportunities Small/Micro $0.82 $0.92 ^ -11.4% -8.5% -9.1% -9.5%

ACQ Acorn Capital Investments Small/Micro $1.24 $1.39 ^ -11.0% -13.4% -14.6% n/a

ALF Australian Leaders Fund Long/Short $1.08 $1.25 ^ -14.0% -10.2% 0.5% 4.2%

CDM Cadence Capital Long/Short $1.34 $1.25 ^ 6.7% 6.0% 8.6% 6.1%

NCC NAOS Emerging Opportunities Long/Short $1.25 $1.23 ^ 1.6% 3.3% -3.2% -6.2%

DJW Djerriwarrh Investments Income $3.34 $3.31 0.8% 7.8% 19.0% 21.3%

PL8 Plato Income Maximiser Income $1.04 $1.11 ^ -6.4% 0.7% n/a n/a

FGX Future Generation Investments Fund of Funds $1.31 $1.27 ^ 3.3% -4.1% -2.6% n/a

AEG Absolute Equity Performance Market Neutral $1.17 $1.19 # -1.7% -2.8% n/a n/a

WMK Watermark Market Neutral Market Neutral $0.87 $0.98 ^ -11.2% -9.2% -4.9% -4.3%

SNC Sandon Capital Activist $1.00 $1.01 ^ -0.6% -1.1% -5.5% n/a

URB URB Investments Australian Equity & Property $0.98 $1.05 ^ -6.7% -3.9% n/a n/a

MFF MFF Capital Investments International $2.81 $2.93 # -4.0% -11.0% -10.7% -6.9%

PMC Platinum Capital International $1.98 $1.72 # 15.2% 9.7% 8.8% 7.8%

TGG Templeton Global Growth International $1.45 $1.59 # -8.9% -8.9% -10.5% -8.0%

PIA Pengana International Equities International $1.20 $1.21 # -1.1% -4.7% -7.5% -9.3%

PGF PM Capital Global Opportunities International $1.31 $1.43 # -8.6% -10.1% -12.4% n/a

APL Antipodes Global Investments International $1.15 $1.21 ^ -5.3% -2.3% n/a n/a

EGI Ellerston Global Investments International $1.05 $1.17 ^ -10.0% -9.2% -9.1% n/a

WGF Watermark Global Leaders International (Market Neutral) $0.89 $1.08 ^ -17.6% -13.4% n/a n/a

ALI Argo Global Listed Infrastructure International (Infrastructure) $1.89 $2.23 # -15.2% -14.3% -10.4% n/a

GVF Global Value Fund International (Multi Asset) $1.10 $1.10 ^ -0.9% 2.0% -2.6% n/a

FGG Future Generation Global Investments International (Fund of funds) $1.41 $1.34 ^ 4.9% -2.1% n/a n/a

PAI Platinum Asia Investments Asia $1.27 $1.19 # 6.7% 1.2% n/a n/a

EAI Ellerston Asian Investments Asia $1.03 $1.11 # -7.6% -8.8% n/a n/a

PAF PM Capital Asian Opportunities Asia $1.15 $1.26 # -8.5% -4.6% -10.4% n/a

" The Fully Diluted Indicative NTA has been adjusted for options dilution (100% excercise) and dividends. Dividends are removed from the NTA once the security goes ex-date and until the receipt of the

new ex-dividend NTA . # The Indicative NTA is the actual reported w eekly pre-tax NTA as w e have been unable to calculate the Indicative NTA w ithin a reasonable level of accuracy. ^ The Indicative

NTA is the actual reported monthly pre-tax NTA as w e have been unable to calculate the Indicative NTA w ithin a reasonable level of accuracy.* Average premium/discounts as at end of the previous

month. +Prem/Disc does not adjust for the dilution of unexercised options.

Indicative

Premium /

Discount"

Average Premium/Discount+ASX

CodeCompany Name Investment Mandate

Share

Price

Fully Diluted

Indicative Pre-

Tax NTA"



LIC Indicative NTA (continued)

Using the Bell Potter Indicative NTA, we calculate the effective impact on the share price if the premium or discount were to

normalise to the 1, 3, 5 and 10 year average. We have also calculated this figure on an annualised basis.

The Indicative NTA is not without error and clearly susceptible to higher turnover, tax realisation, receipt and payment of dividends

and accrued performance fees. As such, variations will occur across LICs and different market conditions. We have included the

Average Error (average of the monthly NTA less Indicative NTA), Average Absolute Error (average of the monthly NTA less

Indicative NTA on an absolute basis), and the range of Minimum and Maximum Errors over the previous 12-month period.

Table 11: Premium/Discount Normalisation and Error Tracking (as at 20 August 2018)

1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years

AFI AFIC 1.8% 2.6% 3.3% 2.6% 1.8% 0.9% 0.6% 0.3%

ARG Argo Investments 2.3% 3.2% 2.9% 1.9% 2.3% 1.0% 0.6% 0.2%

AUI Australian United Investments 2.2% 0.6% 0.4% -0.4% 2.2% 0.2% 0.1% 0.0%

MLT Milton Corporation 1.4% 1.9% 2.1% -0.2% 1.4% 0.6% 0.4% 0.0%

BKI BKI Investment 8.1% 8.5% 6.9% 0.8% 8.1% 2.8% 1.3% 0.1%

CIN Carlton Investments 0.9% 0.5% 0.9% -2.6% 0.9% 0.2% 0.2% -0.3%

DUI Diversified United Investments -0.2% -1.3% -1.6% -2.2% -0.2% -0.4% -0.3% -0.2%

WHF Whitefield 1.0% -0.2% 0.5% -0.8% 1.0% -0.1% 0.1% -0.1%

AMH AMCIL 1.0% 3.7% 4.8% 1.0% 1.0% 1.2% 1.0% 0.1%

WLE WAM Leaders -3.8% n/a n/a n/a -3.8% n/a n/a n/a

FSI Flagship Investments -2.5% -5.2% -4.2% -0.9% -2.5% -1.8% -0.9% -0.1%

WAM WAM Capital -2.1% -6.4% -10.3% -24.4% -2.1% -2.2% -2.2% -2.8%

MIR Mirrabooka Investments 5.1% 9.0% 9.0% 1.9% 5.1% 2.9% 1.7% 0.2%

WIC WestOz Investments -2.8% -4.9% -3.1% n/a -2.8% -1.7% -0.6% n/a

WAX WAM Research -3.8% -9.0% -14.3% -31.4% -3.8% -3.1% -3.0% -3.7%

TOP Thorney Opportunities 5.1% 8.0% n/a n/a 5.1% 2.6% n/a n/a

OZG OzGrowth -0.4% 0.1% 2.4% -3.8% -0.4% 0.0% 0.5% -0.4%

TEK Thorney Technologies 13.8% n/a n/a n/a 13.8% n/a n/a n/a

WAA WAM Active 1.0% 0.5% 5.0% -4.4% 1.0% 0.2% 1.0% -0.4%

NSC NAOS Small Cap Opportunities 2.9% 2.4% 1.9% -6.5% 2.9% 0.8% 0.4% -0.7%

ACQ Acorn Capital Investments -2.3% -3.6% n/a n/a -2.3% -1.2% n/a n/a

ALF Australian Leaders Fund 3.8% 14.5% 18.2% 8.6% 3.8% 4.6% 3.4% 0.8%

CDM Cadence Capital -0.7% 1.9% -0.6% -11.9% -0.7% 0.6% -0.1% -1.3%

NCC NAOS Emerging Opportunities 1.7% -4.8% -7.9% n/a 1.7% -1.6% -1.6% n/a

DJW Djerriwarrh Investments 7.1% 18.2% 20.6% 16.6% 7.1% 5.7% 3.8% 1.6%

PL8 Plato Income Maximiser 7.1% n/a n/a n/a 7.1% n/a n/a n/a

FGX Future Generation Investments -7.4% -5.9% n/a n/a -7.4% -2.0% n/a n/a

AEG Absolute Equity Performance -1.1% n/a n/a n/a -1.1% n/a n/a n/a

WMK Watermark Market Neutral 2.1% 6.3% 6.9% n/a 2.1% 2.1% 1.3% n/a

SNC Sandon Capital -0.5% -4.9% n/a n/a -0.5% -1.7% n/a n/a

URB URB Investments 2.8% n/a n/a n/a 2.8% n/a n/a n/a

MFF MFF Capital Investments -7.0% -6.7% -2.9% -6.5% -7.0% -2.3% -0.6% -0.7%

PMC Platinum Capital -5.5% -6.4% -7.4% -10.5% -5.5% -2.2% -1.5% -1.1%

TGG Templeton Global Growth 0.0% -1.6% 0.9% -3.9% 0.0% -0.5% 0.2% -0.4%

PIA Pengana International Equities -3.6% -6.5% -8.2% -11.0% -3.6% -2.2% -1.7% -1.2%

PGF PM Capital Global Opportunities -1.4% -3.8% n/a n/a -1.4% -1.3% n/a n/a

APL Antipodes Global Investments 3.0% n/a n/a n/a 3.0% n/a n/a n/a

EGI Ellerston Global Investments 1.6% 1.7% n/a n/a 1.6% 0.6% n/a n/a

WGF Watermark Global Leaders 4.2% n/a n/a n/a 4.2% n/a n/a n/a

ALI Argo Global Listed Infrastructure 1.0% 4.8% n/a n/a 1.0% 1.6% n/a n/a

GVF Global Value Fund 2.9% -1.7% n/a n/a 2.9% -0.6% n/a n/a

FGG Future Generation Global Investments -7.0% n/a n/a n/a -7.0% n/a n/a n/a

PAI Platinum Asia Investments -5.5% n/a n/a n/a -5.5% n/a n/a n/a

EAI Ellerston Asian Investments -1.2% n/a n/a n/a -1.2% n/a n/a n/a

PAF PM Capital Asian Opportunities 3.9% -1.9% n/a n/a 3.9% -0.6% n/a n/a

ASX

CodeCompany Name

Share Price Impact if Premium/Discount

normalises*

Share Price Impact if Premium/Discount

normalises is annualised+

* Refers to the current share price divided by the indicative pre-tax NTA as compared to the average 1, 3, 5 and 10 year Discount/Premium share price to pre-tax NTA as at end of the

previous month, over the relevant time period of 1, 3, 5 and 10 years. * Refers to the current share price divided by the indicative pre-tax NTA as compared to the average 1, 3, 5 and 10

year Discount/Premium share price to pre-tax NTA as at end of the previous month, annualised over the relevant time period of 1, 3, 5 and 10 years.



LIC Indicative NTA (continued)

A number of LICs under our coverage currently have options outstanding. Options dilute the NTA when exercised and therefore

have an impact on the premium or discount.

Table 12: Dilution Effect of Outstanding Options on Indicative NTA (as at 20 August 2018)

100% 50%

AFI AFIC n/a 1,186,147 n/a n/a $6.21 $6.25 n/a

ARG Argo Investments n/a 709,229 n/a n/a $8.30 $8.36 n/a

AUI Australian United Investments n/a 124,006 n/a n/a $9.00 $9.49 n/a

MLT Milton Corporation n/a 663,746 n/a n/a $4.66 $4.74 n/a

BKI BKI Investment n/a 725,311 n/a n/a $1.55 $1.64 n/a

CIN Carlton Investments n/a 26,475 n/a n/a $34.15 $39.01 n/a

DUI Diversified United Investments n/a 209,842 n/a n/a $4.42 $4.62 n/a

WHF Whitefield n/a 87,494 n/a n/a $4.79 $5.19 n/a

AMH AMCIL n/a 261,500 n/a n/a $0.93 $0.99 n/a

WLE WAM Leaders n/a 703,204 n/a n/a $1.22 $1.22 n/a

FSI Flagship Investments n/a 25,503 n/a n/a $1.75 $1.95 n/a

WAM WAM Capital n/a 668,363 n/a n/a $2.50 $2.02 n/a

MIR Mirrabooka Investments n/a 159,030 n/a n/a $2.64 $2.52 n/a

WIC WestOz Investments WICOC 133,242 8,646 $1.060 $1.17 $1.29 $0.085 31-Aug-19 -8.0% -8.4%

WAX WAM Research n/a 188,406 n/a n/a $1.64 $1.29 n/a

TOP Thorney Opportunities n/a 203,619 n/a n/a $0.68 $0.81 n/a

OZG OzGrowth OZGOC 356,428 35,469 $0.190 $0.19 $0.23 $0.006 31-Aug-19 -19.6% -19.6%

TEK Thorney Technologies n/a 257,369 n/a n/a $0.25 $0.27 n/a

WAA WAM Active WAAO 41,827 29,061 $1.140 $1.15 $1.09 $0.002 17-Sep-18 3.5% 4.2%

NSC NAOS Small Cap Opportunities NSCG 168,996 265 n/a $0.82 $0.92 $100.8 31-Mar-20 -11.4% -11.4%

ACQ Acorn Capital Investments n/a 52,711 n/a n/a $1.24 $1.39 n/a

ALF Australian Leaders Fund n/a 272,524 n/a n/a $1.08 $1.25 n/a

CDM Cadence Capital n/a 317,958 n/a n/a $1.34 $1.25 n/a

NCC NAOS Emerging Opportunities n/a 59,674 n/a n/a $1.25 $1.23 n/a

DJW Djerriwarrh Investments n/a 220,949 n/a n/a $3.34 $3.31 n/a

PL8 Plato Income Maximiser PL8O 296,620 295,917 $1.100 $1.04 $1.11 $0.001 29-Apr-19 -6.4% -6.4%

FGX Future Generation Investments n/a 351,351 n/a n/a $1.31 $1.27 n/a

AEG Absolute Equity Performance n/a 101,294 n/a n/a $1.17 $1.19 n/a

WMK Watermark Market Neutral n/a 87,583 n/a n/a $0.87 $0.98 n/a

SNC Sandon Capital n/a 48,435 n/a n/a $1.00 $1.01 n/a

URB URB Investments n/a 73,167 n/a n/a $0.98 $1.05 n/a

MFF MFF Capital Investments n/a 540,997 n/a n/a $2.81 $2.93 n/a

PMC Platinum Capital n/a 285,921 n/a n/a $1.98 $1.72 n/a

TGG Templeton Global Growth n/a 222,156 n/a n/a $1.45 $1.59 n/a

PIA Pengana International Equities PIAO 247,475 242,650 $1.180 $1.20 $1.24 $0.010 10-May-19 -1.1% -1.9%

PGF PM Capital Global Opportunities n/a 350,910 n/a n/a $1.31 $1.43 n/a

APL Antipodes Global Investments APLO 381,963 187,703 $1.100 $1.15 $1.26 $0.047 15-Oct-18 -5.3% -7.0%

EGI Ellerston Global Investments n/a 109,616 n/a n/a $1.05 $1.17 n/a

WGF Watermark Global Leaders WGFO 82,585 82,799 $1.100 $0.89 $1.08 $0.001 16-Nov-18 -17.6% -17.6%

ALI Argo Global Listed Infrastructure n/a 141,883 n/a n/a $1.89 $2.23 n/a

GVF Global Value Fund n/a 147,262 n/a n/a $1.10 $1.10 n/a

FGG Future Generation Global Investments n/a 296,112 n/a n/a $1.41 $1.34 n/a

PAI Platinum Asia Investments n/a 360,004 n/a n/a $1.27 $1.19 n/a

EAI Ellerston Asian Investments EAIO 109,422 60,931 $1.000 $1.03 $1.18 $0.027 28-Feb-19 -7.6% -9.6%

PAF PM Capital Asian Opportunities n/a 56,314 n/a n/a $1.15 $1.26 n/a

Strike

^ The Indicative NTA has been adjusted for dividends once the security goes ex-date and until the receipt of the new ex-dividend NTA . # The Indicative NTA is the actual reported w eekly or monthly pre-

tax NTA as w e have been unable to calculate the Indicative NTA w ithin a reasonable level of accuracy. * Average premium/discounts as at end of the previous month.

ASX

CodeCompany Name Code

Shares On

Issue ('000)

Options

('000)

Share

Price

Indicative

NTA^

Option

Price

Eff. Prem/Disc

after % Exc.Expiry



Liquidity

Liquidity is an important characteristic to consider when making an investment. Liquidity is the ability to buy or sell a particular

security . Unfortunately, the volume traded among some LICs can be quite thin at times and may be difficult to trade larger l ines

Therefore, liquidity needs to be taken into consideration when investing in this asset class. In the table below, we have a look at the

3 year Weekly and Monthly Averages for the LICs in our coverage.

Table 13: Liquidity

ASX

CodeCompany name

Shares on

Issue

(20 Aug 2018)

March

2018

Quarter

June 2018

Quarter

Volume

Quarterly

Change

3 Year

Average

Weekly

3 Year

Average

Weekly Value

3 Year

Average

Montly

3 Year

Average

Monthly Value

Domestic Equity

AFI AFIC 1,186,146,594 28,695,787 27,271,038 -5% 2,007,192 $11,783,644 8,697,833 $51,062,459

ARG Argo Investments 709,228,558 12,454,777 14,071,101 13% 968,662 $7,438,979 4,197,536 $32,235,578

AUI Australian United 124,006,471 882,776 1,360,481 54% 88,575 $686,953 383,826 $2,976,796

MLT Milton Corporation 663,745,963 13,121,878 10,987,971 -16% 893,723 $3,956,763 3,872,801 $17,145,974

BKI BKI Investment 725,311,402 13,135,114 21,719,060 65% 1,086,388 $1,754,116 4,707,683 $7,601,168

CIN Carlton Investments 26,474,675 107,667 135,292 26% 12,441 $396,376 53,911 $1,717,631

DUI Diversified United 209,841,563 3,106,100 3,458,709 11% 229,500 $831,859 994,500 $3,604,721

WLE WAM Leaders * 703,203,693 74,771,012 64,304,590 -14% 4,047,561 $4,586,398 17,539,432 $19,874,393

WHF Whitefield 87,494,491 2,142,399 1,564,302 -27% 135,566 $597,366 587,452 $2,588,586

QVE QV Equities 275,536,547 13,584,608 14,974,131 10% 968,641 $1,145,349 4,197,443 $4,963,177

PIC Perpetual Equity Invest Co 254,442,926 21,133,873 13,961,130 -34% 1,131,032 $1,162,160 4,901,137 $5,036,028

AMH AMCIL 261,499,774 8,922,545 8,180,920 -8% 435,421 $394,480 1,886,823 $1,709,413

WDE Wealth Defenders Equity 126,354,065 6,665,235 8,868,779 33% 635,707 $522,721 2,754,732 $2,265,122

CAM Clime Capital 89,545,208 4,118,908 3,990,463 -3% 352,426 $297,848 1,527,180 $1,290,674

FSI Flagship Investments 25,502,736 809,683 578,187 -29% 55,239 $85,282 239,370 $369,557

CBC CBG Capital 25,130,819 2,667,264 1,840,264 -31% 77,581 $69,190 336,186 $299,821

WAM WAM Capital 668,363,006 43,642,178 42,560,759 -2% 3,441,455 $8,021,783 14,912,973 $34,761,060

MIR Mirrabooka 159,030,487 3,464,370 4,264,431 23% 302,432 $815,223 1,310,540 $3,532,635

WAX WAM Research 188,406,337 8,715,368 9,102,116 4% 873,371 $1,268,497 3,784,608 $5,496,820

WIC WestOz Investment Co. 133,242,303 3,210,207 2,817,361 -12% 323,393 $307,458 1,401,370 $1,332,319

OZG Ozgrowth 356,428,161 5,961,192 5,302,788 -11% 559,612 $86,169 2,424,985 $373,401

NAC Naos Absolute Opps Co 52,536,889 3,589,995 2,318,906 -35% 323,432 $335,149 1,401,537 $1,452,312

WMI WAM Microcap * 140,151,337 12,934,321 7,402,231 -43% 942,028 $1,250,688 4,082,120 $5,419,648

NSC Naos Small Cap Opps Co 168,995,806 12,064,463 11,826,102 -2% 1,129,149 $1,091,428 4,892,978 $4,729,521

NCC Naos Emerging Opps Co 59,673,562 2,496,154 2,297,127 -8% 210,779 $264,005 913,376 $1,144,023

ACQ Acorn Capital 52,711,408 4,419,027 3,936,181 -11% 298,088 $282,887 1,291,714 $1,225,843

BTI Bailador Tech Investments 120,247,831 2,825,055 3,066,976 9% 308,155 $298,643 1,335,340 $1,294,122

CDM Cadence Capital 317,957,644 13,985,977 16,853,980 21% 1,345,895 $1,793,087 5,832,213 $7,770,045

ALF Australian Leaders Fund 272,523,924 30,843,072 29,235,016 -5% 1,602,436 $1,999,100 6,943,889 $8,662,767

WAA WAM Active 41,826,595 1,683,048 2,328,407 38% 162,894 $174,994 705,876 $758,306

AEG Absolute Equity Perf Fund * 101,294,236 7,601,611 12,546,884 65% 675,369 $751,862 2,926,599 $3,258,068

WMK Watermark Market Neutral 87,582,507 6,658,694 7,666,004 15% 533,701 $517,090 2,312,703 $2,240,724

DJW Djerriwarrh Investments 220,948,575 9,301,191 9,617,224 3% 607,277 $2,280,375 2,631,536 $9,881,625

PL8 Plato Income Maximiser * 296,619,760 18,198,004 18,924,064 4% 1,474,521 $1,576,532 6,389,593 $6,831,638


MFF MFF Capital Investments 540,997,040 24,031,832 18,016,845 -25% 1,762,925 $3,499,563 7,639,342 $15,164,774

PMC Platinum Capital 285,921,029 18,552,572 17,197,318 -7% 1,149,759 $2,027,312 4,982,289 $8,785,018

APL Antipodes Gbl Invest Co * 381,963,269 27,868,289 30,256,825 9% 2,018,534 $2,417,244 8,746,979 $10,474,724

TGG Templeton Global Growth 222,156,330 12,558,349 11,640,074 -7% 978,810 $1,257,199 4,241,510 $5,447,862

PIA Pengana International Eq 247,475,222 15,036,425 13,278,640 -12% 1,422,591 $1,718,384 6,164,562 $7,446,330

PGF PM Capital Global Opp 350,909,977 18,769,648 13,900,685 -26% 2,004,873 $2,054,965 8,687,784 $8,904,849

EGI Ellerston Global Investments 109,616,197 7,272,794 8,212,059 13% 349,425 $363,428 1,514,174 $1,574,856

WGF Watermark Global Leaders * 82,585,375 8,209,150 7,661,631 -7% 416,132 $393,367 1,803,238 $1,704,592

GVF Global Value Fund 147,262,122 5,250,062 5,410,636 3% 426,663 $459,036 1,848,875 $1,989,154

ALI Argo Global Infrastructure 141,882,628 6,668,104 8,396,768 26% 514,372 $923,845 2,228,946 $4,003,329

EAI Ellerston Asian Investments * 109,422,330 8,887,093 9,608,538 8% 568,466 $545,193 2,463,353 $2,362,505

PAF PM Capital Asian Opp 56,313,902 4,269,842 3,619,935 -15% 350,534 $362,546 1,518,982 $1,571,031

Specialist

FGX Future Gen Invest Co 351,351,497 25,579,844 14,547,565 -43% 1,702,708 $1,937,485 7,378,400 $8,395,767

FGG Future Gen Global Invest * 296,112,380 13,252,193 10,982,111 -17% 1,156,804 $1,293,167 5,012,819 $5,603,722

URB URB Investments * 73,166,683 3,823,614 4,878,956 28% 258,809 $257,935 1,121,507 $1,117,719

SNC Sandon Capital 48,435,427 1,978,222 1,896,359 -4% 166,311 $157,256 720,680 $681,445

* History less than 3 years


0%

2%

4%

6%

AF

IA

RG

AU

IM

LT

BK

IC

IND

UI

WL

EW

HF

AM

HQ

VE

CA

MF

SI

PIC

WD

EC

BC

WA

MM

IRW

ICW

AX

OZ

GN

AC

NS

CW

MI

AC

QB

TI

AL

FC

DM

WA

AN

CC

WM

KA

EG

DJ

WP

L8

IBC

MF

FP

MC

AP

LT

GG

PIA

PG

FE

GI

WG

FG

VF

AL

IE

AI

PA

FF

GX

FG

GU

RB

SN

C

ICR

ICR - with performance fee ICR - w/out performance fee

Lrg Cap mandate

Lrg/Med Cap mandate Med/Sml Cap mandate Long Short/ Neutral/Income

International Specialist


N/A

N/A

N/A

N/A

N/A

Indirect Cost Ratio: Fees and Expenses

In the Graphs below, we have provided the Indirect Cost Ratio (ICR) for LICs in our coverage for the full year ending 30 June 2017.

The ICR has been calculated both with and without performance fees. We are using this method of calculation to standardise the

cost ratios across our LIC universe given the many different interpretations of the Management Expense Ratio, which is a frequently

used expense calculation. ICR is generally accepted as the principal expense ratio calculation for the Managed Funds industry.

Note, a number of LICs have been on the market for less than a year, therefore ICR is non-applicable.

Graph 12: Indirect Cost Ratio


AUSTRALIAN FOUNDATION INVESTMENT CO (AFI)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed equities Benchmark: S&P/ASX 200 Accumulation as at 30-Jun-18

Manager: Internal Indirect cost ratio with perf. fee: 0.14% Share price $6.16

Listed: 1936 Indirect cost ratio w/out perf. fee: 0.14% Pre-tax NTA $6.27

Post-tax NTA $5.34

Investment Strategy

Pre-tax NTA -1.8%

Post-tax NTA 15.4%

Historic Dividend (prior 12-mths)

Personnel Dividends (net) $0.2400

Yield 3.9%

Franking 100%

Grossed up yield 5.6%

Key Information

Exposure: International/Domestic, Equities/Fixed Income/Derivatives, Cash

Style: Large/Medium/Small Cap, Balanced/Value/Growth, Passive/Active, Long/Short Ordinary shares 1186.1m

Derivatives: Options used to generate additional income in its short-term trading portfolio. Options/other 0.0m

Cash/Debt: $95m cash (30 Jun 2018) Fully diluted 1186.1m

Dividend reinvestment plan: Yes, VWAP 5 day average price post ex-date Market capitalisation 7306.7m

Other: Affiliated with AMCIL (AMH), Djerriwarrh (DJW) and Mirrabooka (MIR).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. AFI Share Price v ASX All Ords

Share price*

Performance 2.0% 0.3% 10.3% 4.4% 6.7% 6.5%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -6.0% -3.7% -3.4% -5.1% -3.6% 0.3%

NTA+

Performance 7.5% 3.6% 10.9% 6.8% 8.2% 6.5%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -1.0% -0.7% -2.1% -2.2% -1.8% 0.1%

Share Price and NTA Top 20 Holdings %

as at 30-Jun-18

Commonwealth Bank 7.9

BHP 6.6

Westpac Banking Corp 6.3

CSL 5.1

Wesfarmers 4.6

Rio Tinto 4.0

National Australia Bank 3.5

ANZ Banking Group 3.3

Transurban Group 3.3

Risk/Return Indicators Sector Exposure (Portfolio) Macquarie Group 2.8

Sharpe Standard Amcor 2.5

Share price* Ratio Ratio Deviation Woolworths Group 2.4

Year 1 -0.41 1.01 7.5% Oil Search 2.0

Year 3 -0.66 0.21 8.6% Woodside Petroleum 1.8

Year 5 -0.45 0.47 7.9% Telstra Corporation 1.6

NTA+ Brambles 1.5

Year 1 -2.15 1.21 6.7% Sydney Airport 1.5

Year 3 -1.99 0.40 10.6% AGL Energy 1.3

Year 5 -1.50 0.49 10.8% Treasury Wine Estates 1.3

James Hardie Industries 1.3

% of Total 64.4* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against

the S&P/ASX 200 Accumulat ion.

*+ M easurement of a LIC’s performance is calculated after all operat ing expenses, provision and payment of both income and realised capital gains tax and the reinvestment of dividends, and do not incorporate franking.

Index returns however are ent irely before any operat ing expenses or taxat ion. LIC returns will consequent ly be understated relat ive to the Index return.

AFI takes a medium to longer term view of value which means that the aim is to buy and hold

individual stocks for the long term based on selection criteria which, in summary, include:

formulation and execution of the business strategy and its underlying business value; key

financial indicators, including cash flow, prospective price earnings relative to projected growth,

sustainability of earnings and dividend yield; and corporate governance practices.

Premium/(Discount) share price to:

Investment Personnel: Mark Freeman (CEO). Directors: Terrence Campbell (Chairman), Ross

Barker, Jacqueline Hey, John Paterson, David Peever, Catherine Walter, Peter Williams and

Graeme Liebelt.

Capital Structure

Information

5,200

5,850

6,500

$5.20

$5.85

$6.50

Jun-17 Oct-17 Feb-18 Jun-18

AFI ALL ORDINARIES

-20%

-10%

0%

10%

20%

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Prem/Disc (RHS) Pre-Tax NTA (LHS) Share Price (LHS)

Financials

Materials

Industrials Healthcare

Consumer Staples

Other


ARGO INVESTMENTS (ARG)Domestic Focused Share Price and NTA Summary




Post-tax NTA $7.16

Investment Strategy

Pre-tax NTA -2.3%

Post-tax NTA 11.3%



Yield 4.0%

Franking 100%


Key Information



Derivatives: Options used to generate additional income in its short-term trading portfolio. Options/other 0.0m

Cash/Debt: $226.26m cash (30 Jun 2018) Fully diluted 709.2m

Dividend reinvestment plan: Yes, 2% discount to 4 day VWAP from record date Market capitalisation 5652.6m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. ARG Share Price v ASX All Ords

Share price*

Performance 1.8% -0.1% 8.1% 4.1% 8.4% 5.5%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -6.2% -4.1% -5.6% -5.4% -1.9% -0.7%

NTA+

Performance 7.5% 3.2% 10.2% 7.1% 8.8% 6.3%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -1.0% -1.1% -2.8% -1.9% -1.2% -0.1%


as at 30-Jun-18


Macquarie Group 5.2


BHP Billiton 4.6

Wesfarmers 4.3


CSL 3.7

Rio Tinto 3.2


Risk/Return Indicators Sector Exposure (Top 20) AUI Company 2.1

Sharpe Standard Telstra 2.1

Share price* Ratio Ratio Deviation Origin Energy 1.9

Year 1 -0.72 0.77 7.0% APA Group 1.8


Year 5 -0.22 0.71 7.7% Twenty-First Century Fox 1.7

NTA+ Woolworths 1.7

Year 1 -1.85 1.19 6.3% Milton Corporation 1.6

Year 3 -1.24 0.47 9.7% Ramsay Health Care 1.6

Year 5 -0.69 0.60 9.9% Computershare 1.5

Aristocrat Leisure 1.5





ARG's objective is to maximise long-term returns to shareholders through a balance of capital

and dividend growth. The Company seeks to invest in quality companies that display sound

management and a capability to grow profitability to fund increasing dividend payments. ARG is

a value orientated, bottom-up stock picker whose objective is to buy on price weakness and

hold for the long-term. ARG characterises itself as moderately benchmark aware, value driven

and fundamentally based.


Investment Personnel: Jason Beddow (MD), Andy Forster (SIO), Brydie Lloyd-Roberts, Paul

Frost, Andrew Moller and Colin Whitehead. Directors: Russell Higgins AO (Chairman), Anne

Brennan, Jason Beddow, Chris Cuffe AO, Joycelyn Morton, Liz Lewin and Roger Davis.

Capital Structure

Information

5,200

5,850

6,500

$6.80

$7.65

$8.50


ARG ALL ORDINARIES

FinancialsMaterials

Consumer Staples

Health Care

Telecommunication Serv ices Other

-30%

-20%

-10%

0%

10%

20%

30%

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



AUSTRALIAN UNITED INVESTMENT CO (AUI)Domestic Focused Share Price and NTA Summary




Post-tax NTA $7.91

Investment Strategy

Pre-tax NTA -6.1%

Post-tax NTA 9.4%



Yield 4.0%

Franking 100%


Key Information



Derivatives: n/a Options/other 0.0m

Cash/Debt: $39m Cash (30 Jun 2018), $130m Debt (30 Jun 2018) Fully diluted 124.0m

Dividend reinvestment plan: 5 day average price from ex-date. Market capitalisation 1072.7m

Other: Affiliated with DUI

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. AUI Share Price v ASX All Ords

Share price*

Performance 4.7% 1.3% 11.4% 7.0% 9.7% 5.7%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -3.3% -2.7% -2.3% -2.5% -0.6% -0.5%

NTA+

Performance 8.4% 3.7% 11.8% 8.1% 8.9% 5.7%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -0.1% -0.6% -1.2% -0.9% -1.1% -0.7%


as at 30-Jun-18


ANZ Banking Group Ltd 6.3

CSL Ltd 6.1


Wesfarmers Ltd 5.4

BHP Billiton Ltd 4.9

Rio Tinto Ltd 4.9


DUI Limited 4.6

Risk/Return Indicators Sector Exposure (Top 20) Woodside Petroleum Ltd 4.5

Sharpe Standard Transurban Group Ltd 4.3

Share price* Ratio Ratio Deviation Woolworths Ltd 2.4


Year 3 -0.27 0.44 10.0% Sonic Healthcare Ltd 1.9

Year 5 -0.07 0.59 11.3% Atlas Arteria Ltd 1.7

NTA+ Lend Lease Group 1.7

Year 1 -1.59 1.28 7.1% W H Soul Pattinson 1.6

Year 3 -0.30 0.45 12.3% Event Hospitality and Ent 1.6

Year 5 -0.37 0.49 12.0% Oil Search Ltd 1.5

Brambles Ltd 1.5





AUI is an investment company which seeks, through careful portfolio management, to reduce

risk and improve income from dividends and interest so as to maintain and grow dividend

distributions to shareholders over the long term. AUI was founded in 1953 by the late Sir Ian

Potter and The Ian Potter Foundation Ltd is today the Company's largest single shareholder.


Investment Personnel/Directors: Charles Goode AC (Chairman), Dion Hershan, Frederick

Grimwade and Jim Craig.

Capital Structure

Information

5,200

5,850

6,500

$7.40

$8.33

$9.25


AUI ALL ORDINARIES

Financials

Materials

Industrials

Health Care

Consumer Staples

Other

-30%

-20%

-10%

0%

10%

20%

30%

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

$11.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



MILTON CORPORATION (MLT)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed equities Benchmark: All Ordinaries Accumulation as at 30-Jun-18



Post-tax NTA $4.16

Investment Strategy

Pre-tax NTA -2.5%

Post-tax NTA 10.8%



Yield 4.1%

Franking 100%


Key Information




Cash/Debt: $132m Cash (30 Jun 2018) Fully diluted 658.2m

Dividend reinvestment plan: Yes, 5 day VWAP post record date Market capitalisation 3034.2m

Other: MLT may use derivatives to exit a position

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. MLT Share Price v ASX All Ords

Share price*

Performance 2.4% 0.4% 6.5% 5.2% 9.1% 6.6%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -5.6% -3.6% -7.2% -4.3% -1.2% 0.4%

NTA+

Performance 6.5% 2.1% 9.3% 7.0% 8.5% 7.0%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -1.5% -1.9% -4.4% -2.5% -1.8% 0.8%


as at 30-Jun-18



WH Soul Pattinson 6.1

Wesfarmers Limited 4.5


BHP Billiton Limited 4.0

CSL Limited 3.7


Woolworths Limited 2.8

Risk/Return Indicators Sector Exposure (Top 20) Macquarie Bank 2.6

Sharpe Standard Bank of Queensland 2.4

Share price* Ratio Ratio Deviation AGL Energy Limited 2.2

Year 1 -0.91 0.61 6.2% Bendigo & Adelaide Bank 2.0

Year 3 -0.47 0.30 8.7% Blackmores Limited 1.7

Year 5 -0.12 0.60 10.3% Perpetual Limited 1.6

NTA+ Brickworks Limited 1.6

Year 1 -2.46 1.05 6.3% Insurance Australia Group 1.6

Year 3 -0.88 0.42 10.5% A P Eagers Limited 1.6

Year 5 -0.67 0.53 10.4% RIO Tinto Limited 1.6

Suncorp Group 1.6


the S&P/ASX All Ordinaries Accumulat ion Index



MLT is a long-term investor in companies, trusts, stapled securities and property. MLT seeks

to invest in well-managed companies and trusts with a profitable history and with the

expectation of sound dividend growth. MLT is not a speculative investor and does not sell its

assets to increase profit for distribution to shareholders. Capital profits are reinvested by the

Company for the benefit of shareholders.


Investment Personnel: Brendan O'Dea (MD), Sharon Johnson, Michael Borg and Michelle Wigglesw orth.

Investment Commitee: Rob Millner, Justine Jarvinen and Kevin Eley. Directors: Robert Millner (Chairman),

Kevin Eley, and Graeme Crampton

Capital Structure

Information

5,200

5,850

6,500

$4.00

$4.50

$5.00


MLT ALL ORDINARIES

Financials

Materials

Consumer Staples

EnergyHealth Care

Other

-20%

-10%

0%

10%

20%

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



BKI INVESTMENT CO (BKI)Domestic Focused Share Price and NTA Summary


Manager: External (Contact Asset Mgmt) Indirect cost ratio with perf. fee: 0.16% Share price $1.53


Post-tax NTA $1.54

Investment Strategy

Pre-tax NTA -6.4%

Post-tax NTA -1.0%



Yield 4.8%

Franking 100%


Key Information




Cash/Debt: $188m cash (30 Jun 2018) Fully diluted 725.3m

Dividend reinvestment plan: Yes, 5 day VWAP post record date Market capitalisation 1106.1m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. BKI Share Price v ASX All Ords

Share price*

Performance -3.4% -10.1% -1.6% 1.5% 6.0% 7.6%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -11.4% -14.1% -15.3% -8.0% -4.3% 1.4%

NTA+

Performance 6.0% -0.1% 6.1% 4.3% 6.1% 5.7%

Benchmark 8.4% 4.3% 13.2% 9.1% 10.0% 6.3%

Active return -2.4% -4.4% -7.1% -4.8% -3.9% -0.6%


as at 30-Jun-18


Westpac Bank 5.8



New Hope Corporation 3.7


APA Group 3.7

Macquarie Group 3.1


Risk/Return Indicators Sector Exposure (Top 20) Woolworths Limited 2.8

Sharpe Standard BHP Billiton 2.7

Share price* Ratio Ratio Deviation Sydney Airport 2.6

Year 1 -1.55 -0.40 10.7% AGL Energy Limited 2.4

Year 3 -0.74 -0.10 10.1% IAG Limited 2.3

Year 5 -0.43 0.27 11.2% TPG Telecom 2.1

NTA+ Telstra Corporation 2.0

Year 1 -3.78 0.51 6.7% ASX Limited 2.0

Year 3 -2.17 0.17 10.1% Sonic Healthcare 1.9

Year 5 -1.66 0.31 10.1% ARB Corporation 1.8

Woodside Petroleum 1.8





BKI invests with a long-term horizon in companies, trust and interest bearing securities, with a

focus on well-managed businesses with a profitable history and sound dividend or distribution

growth prospects. The portfolio had been built over 15 years, prior to being acquired by BKI and

listed in 2003.


Investment Personnel: Tom Millner, Will Culbert. Directors: Robert Millner (Chairman),

Alexander Payne, David Hall, Ian Huntley

Capital Structure

Information

5,200

5,850

6,500

$1.44

$1.62

$1.80


BKI ALL ORDINARIES

Financials

Consumer Staples

Utilities

Materials

Industrials

Other

-35%

-25%

-15%

-5%

5%

15%

25%

35%

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

$1.70

$1.90

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



CARLTON INVESTMENTS (CIN)Domestic Focused Share Price and NTA Summary




Post-tax NTA $30.80

Investment Strategy

Pre-tax NTA -10.8%

Post-tax NTA 7.4%



Yield 3.6%

Franking 100%


Key Information





Dividend reinvestment plan: No Market capitalisation 875.8m

Other:

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. CIN Share Price v ASX All Ords

Share price*

Performance 3.1% 0.8% 8.9% 5.3% 13.5% 11.5%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -4.9% -3.2% -4.8% -4.2% 3.2% 5.3%

NTA+

Performance 0.9% 0.6% 4.6% 5.9% 10.8% 10.1%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -7.6% -3.7% -8.4% -3.1% 0.8% 3.7%


as at 30-Jun-18

Event Hospitality and Ent 42.2


Westpac Bank 5.3


AGL 3.7

Wesfarmers 3.1

ANZ Bank 2.9

BHP Billiton 2.8

Perpetual 1.8

Risk/Return Indicators Sector Exposure (Top 20) Bank of Queensland 1.5

Sharpe Standard James Hardie 1.4

Share price* Ratio Ratio Deviation Gowing Bros 1.4

Year 1 -0.70 0.66 9.4% Amcor 1.2

Year 3 -0.46 0.26 10.2% Bendigo & Adelaide Bank 1.2

Year 5 0.31 0.89 11.9% Rio Tinto 1.2

NTA+ Origin Energy 1.2

Year 1 -1.14 0.29 6.4% Telstra 1.2

Year 3 -0.36 0.32 10.2% LendLease Group 1.0

Year 5 0.10 0.78 10.0% Orica 1.0

APA Group 1.0





CIN's investment strategy is to invest in established listed blue chip stocks that provide high

levels of sustainable income through fully franked dividends. It is the mandate of the LIC to only

dispose of investments through takeovers, mergers or other exceptional circumstances that

may arise from time to time.


Directors: Mr Alan Rydge (Chairman), Mr Anthony Clark and Mr Murray Bleach.

Capital Structure

Information

5,200

5,850

6,500

$28.80

$32.40

$36.00


CIN ALL ORDINARIES

Consumer Discretionary

Financials

Materials

Utilities

Consumer Staples

Other

-35%

-25%

-15%

-5%

5%

15%

25%

35%

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

$45.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



DIVERSIFIED UNITED INVESTMENT (DUI)Domestic Focused Share Price and NTA Summary




Post-tax NTA $3.80

Investment Strategy

Pre-tax NTA -8.3%

Post-tax NTA 7.9%



Yield 3.5%

Franking 100%


Key Information




Cash/Debt: $16.0m cash, $95m Debt (30 Jun 2018) Fully diluted 209.8m

Dividend reinvestment plan: Yes, 5 day average price from ex date Market capitalisation 860.4m

Other: Affiliated with AUI

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. DUI Share Price v ASX All Ords

Share price*

Performance 3.0% 3.1% 14.4% 9.6% 11.4% 6.9%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -5.0% -0.9% 0.7% 0.1% 1.1% 0.7%

NTA+

Performance 10.4% 7.3% 15.8% 10.8% 11.1% 6.9%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return 1.9% 3.0% 2.8% 1.8% 1.1% 0.5%


as at 30-Jun-18

CSL Ltd 10.5


ANZ Banking Group Ltd 5.5





Woodside Petroleum Ltd 3.8

Rio Tinto Ltd 3.8

Risk/Return Indicators Sector Exposure (Top 20) Vanguard VEU ETF 3.3

Sharpe Standard Wesfarmers Ltd 3.1

Share price* Ratio Ratio Deviation Vanguard VTS ETF 2.8

Year 1 0.09 2.05 5.7% Lend Lease Corporation 2.3

Year 3 0.02 0.70 10.0% Sydney Airport 2.3

Year 5 0.15 0.72 11.8% WH Soul Pattinson 2.2

NTA+ Woolworths Ltd 2.1

Year 1 1.86 1.84 7.1% Atlas Arteria Ltd 1.9

Year 3 0.62 0.72 11.5% Vanguard VGT ETF 1.8

Year 5 0.33 0.68 12.0% Oil Search Ltd 1.7

Vanguard VERX ETF 1.6





DUI seeks a mixture of current income and longer term capital gains within acceptable levels

of risk. It takes a medium to longer term view, investing in a diversified portfolio of Australian

equities, listed property trusts, short term deposits and international equity via exchange traded

funds.


Directors: Charles Goode AC (Chairman), Stephen Hiscock (Non-Executive Director), Andrew

Larke (Non-Executive Director) and Anthony Burgess (Non-Executive Director).

Capital Structure

Information

5,200

5,850

6,500

$3.44

$3.87

$4.30


DUI ALL ORDINARIES

Financials

Health Care

ETFs

Industrials

Energy

Other

-20%

-10%

0%

10%

20%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



WAM LEADERS LIMITED (WLE)Domestic Focused Share Price and NTA Summary

Mandate: Australian Listed Equities Benchmark: S&P/ASX 200 Accumulation as at 30-Jun-18

Manager: Wilson Asset Management Indirect cost ratio with perf. fee: 1.62% Share price $1.15

Listed: May-16 Indirect cost ratio w/out perf. fee: 1.62% Pre-tax NTA $1.22

Post-tax NTA $1.19

Investment Strategy

Pre-tax NTA -5.7%

Post-tax NTA -3.4%



Yield 3.9%

Franking 100%


Key Information



Derivatives: Used for arbitrage and in anticipaton of a decline in the market value of the security Options/other 0.0m

Cash/Debt: $114.9m cash (30 Jun 2018), $0m Debt (31 Dec 2017) Fully diluted 703.2m

Dividend reinvestment plan: Yes, 4 day VWAP from (and including) ex-date Market capitalisation 808.7m

Other: Affliated with Wilson Asset Management

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WLE Share Price v ASX All Ords

Share price*

Performance 2.2% 1.4% 7.3% n/a n/a n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -5.8% -2.6% -6.4% n/a n/a n/a

NTA+


Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -1.4% 0.0% -3.9% n/a n/a n/a

Share Price and NTA Top Holdings

as at 30-Jun-18

AGL Energy Limited

ANZ Banking Group

BHP Billiton Limited

Commonwealth Bank of Australia

CSL Limited

Fortescue Metals Group Limited

James Hardie Industries Plc

Macquarie Group Limited

Mayne Pharma Group Limited

Risk/Return Indicators Equity Portfolio Composition National Australia Bank Limited

Sharpe Standard Origin Energy Limited

Share price* Ratio Ratio Deviation QBE Insurance Group Limited

Year 1 -1.29 0.94 4.9% Rio Tinto Limited

Year 3 n/a n/a n/a South32 Limited

Year 5 n/a n/a n/a The Star Entertainment Group Limited

NTA+ Tabcorp Holdings Limited

Year 1 -1.02 0.97 6.6% Westpac Banking Corporation

Year 3 n/a n/a n/a Wesfarmers Limited

Year 5 n/a n/a n/a Woolworths Group Limited

Woodside Petroleum Limited* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against




WLE is a LIC focussed on investments within the S&P/ASX 200 Index. WLE’s investment

objective is to deliver investors a rising stream of fully franked dividends, provide capital growth

and preserve capital. WLE archives this by combining two different investment strategies – a

Research Driven strategy, which aims to identify micro and macro-economic trends and under

research companies, and Market driven strategy, which targets relatively short-term arbitrage

and mispricings.


Investment Personnel: Geoff Wilson, Chris Stott, Matthew Haupt, Martin Hickson, Oscar Oberg,

Tobias Yao, John Ayoub. Directors: Geoff Wilson (Chairman), Chris Stott, Kate Thorley, Melinda

Snowden, Lindsay Mann.

Capital Structure

Information

5,200

5,850

6,500

$0.96

$1.08

$1.20


WLE ALL ORDINARIES

Top 20

ASX 21-100

ASX 101-200

Outside ASX 200

-15%

-10%

-5%

0%

5%

10%

15%

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

2016 2017 2018



WHITEFIELD (WHF)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed equities Benchmark: S&P/ASX 200 Ind Accumulation as at 30-Jun-18

Manager: White Funds Management Pty Ltd Indirect cost ratio with perf. fee: 0.40% Share price $4.54


Post-tax NTA $4.60

Investment Strategy

Pre-tax NTA -9.4%

Post-tax NTA -1.3%



Yield 3.9%

Franking 100%


Key Information




Cash/Debt: $0.5m Cash (30 Jun 2018), $40.0m Conv. Pref. Share (Face Value) (30 Jun 2018) Fully diluted 87.9m

Dividend reinvestment plan: Yes, 2.5% discount to a 5 day VWAP from (and including) ex-date Market capitalisation 397.2m

Other: N/A

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WHF Share Price v ASX All Ords

Share price*

Performance 0.7% -5.1% 3.9% 4.4% 9.6% 9.0%

Index 6.7% 2.6% 7.8% 7.7% 10.3% 9.2%

Active return -6.0% -7.7% -3.9% -3.3% -0.7% -0.2%

NTA+

Performance 6.1% 1.5% 5.7% 6.2% 9.8% 8.5%

Benchmark 6.7% 2.6% 7.8% 7.7% 10.3% 9.2%

Active return -0.6% -1.1% -2.1% -1.5% -0.5% -0.7%


as at 30-Jun-18


Westpac Bank 7.5

CSL Limited 6.5

ANZ Bank 6.5




Macquarie Group 3.0

Telstra Corporation 2.4

Risk/Return Indicators Sector Exposure (Top 20) Insurance Australia Group 2.0

Sharpe Standard Scentre Group 1.8

Share price* Ratio Ratio Deviation Amcor Limited 1.7

Year 1 -0.58 0.16 7.3% Aristocrat Leisure Limited 1.5

Year 3 -0.44 0.24 7.8% Transurban Group 1.3

Year 5 -0.08 0.76 8.8% Sonic Healthcare Limited 1.3

NTA+ Sydney Airport 1.2

Year 1 -1.92 0.41 7.3% ResMed Inc 1.2

Year 3 -1.00 0.30 12.1% AGL Energy Limited 1.1

Year 5 -0.26 0.56 12.2% Brambles Limited 1.1

Computershare Limited 1.1

% of Total 64.0* The shareprice bench mark has been compared against the S&P/ASX 200 Industrial Accumulat ion Index. + The NTA has been compared against

the S&P/ASX 200 Industrial Accumulat ion.



WHF seeks to own a portfolio of attactively priced businesses with a proven or strengthening

ability to deliver shareholder value. Its investment strategy utilises a disciplined quantitative

and qualitative process to identify and assess Quality, Intrinsic Value and Mispricing, and will

seek to invest where these elements favour their shareholders. It takes a style neutral

approach which is designed to provide a diversified return despite their focus on industrials.


Investment Personnel: Angus Gluskie, Peter Borkovec. Will Seddon. Directors: David Iliffe

(Chairman), Angus Gluskie, Martin Fowler, Mark Beardow, Lance Jenkins and Will Seddon.

Capital Structure

Information

5,200

5,850

6,500

$4.00

$4.50

$5.00


WHF ALL ORDINARIES

Financials

Health Care

Consumer Staples

Industrials

Telecommunication Serv ices

Other

-25%

-15%

-5%

5%

15%

25%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



QV EQUITIES LIMITED (QVE)Domestic Focused Share Price and NTA Summary

Mandate: Australian Listed Equities Benchmark: S&P/ASX 300 Ex-20 Accumulation as at 30-Jun-18

Manager: Investors Mutual Indirect cost ratio with perf. fee: 1.01% Share price $1.15

Listed: Aug-14 Indirect cost ratio w/out perf. fee: 1.01% Pre-tax NTA $1.23

Post-tax NTA $1.18

Investment Strategy

Pre-tax NTA -6.5%

Post-tax NTA -2.5%



Yield 3.6%

Franking 100%


Key Information



Derivatives: Used for arbitrage or to replicate underlying positions Options/other 0.0m

Cash/Debt: $61.2m cash (30 Jun 2018), $0m Debt (30 Jun 2018) Fully diluted 275.5m

Dividend Reinvestment Plan: Yes Market capitalisation 316.9m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. QVE Share Price v ASX All Ords

Share price*

Performance -1.7% -10.6% -11.3% 6.0% n/a n/a

Index 8.4% 4.3% 13.2% 9.1% 10.0% 6.3%

Active return -10.1% -14.9% -24.5% -3.1% n/a n/a

NTA+

Performance 5.1% 1.3% 5.3% 8.7% n/a n/a

Benchmark 7.4% 3.9% 15.9% 14.7% n/a n/a



as at 30-Jun-18

Pact Group 4.3

Sonic Healthcare 4.1

Caltex Australia 4.1

Clydesdale Bank 4.0

Amcor Limited 3.9

Crown Resorts 3.8

Fletcher Building 3.8

Spark Infrastructure 3.7

Orica 3.3

Risk/Return Indicators Sector Exposure (Portfolio) Steadfast Group 3.0

Sharpe Standard % of Total 38.0

Share price* Ratio Ratio Deviation

Year 1 -3.12 -1.50 9.3%

Year 3 -0.24 0.31 10.9%

Year 5 n/a n/a n/a

NTA+

Year 1 -2.23 0.45 5.7%

Year 3 -0.08 0.83 7.3%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the S&P/ASX 300 Accumulat ion Index. + The NTA has been compared against the

S&P/ASX 300 Ex-20 Accumulat ion Index.



QVE’s primary objective is to achieve long term value through a combination of capital growth

and income. This will be established by holding a diversified portfolio outside the S&P/ASX 20

Index. QVE will hold 20-50 stock mainly from the S&P/ASX 300 –ex Top 20. The Company

seeks to invest in quality companies that display four key characteristics; an established

competitive advantage, recurring and predictable earnings, strong management, and ability to

grow over time. QVE characterises itself as value-driven investor, with a bottom-up approach.


Investment Personnel: Anton Tagliaferro, Simon Conn. Directors: Peter McKillop (Chairman),

John McBain, Jennifer Horrigan, Anton Tagliaferro, Simon Conn.

Capital Structure

Information

5,200

5,850

6,500

$1.12

$1.26

$1.40


QVE ALL ORDINARIES

Cash

Materials

Consumer Discretionary Financials

Health Care

Other

-30%

-20%

-10%

0%

10%

20%

30%

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

2014 2015 2016 2017 2018



PERPETUAL EQUITY INVESTMENT CO (PIC)Domestic Focused Share Price and NTA Summary

Mandate: Aust/Intl Listed Equities Benchmark: S&P/ASX 300 Accumulation as at 30-Jun-18

Manager: Perpetual Investment Mgmt Indirect cost ratio with perf. fee: 1.32% Share price $1.17

Listed: Dec-14 Indirect cost ratio w/out perf. fee: 1.32% Pre-tax NTA $1.16

Post-tax NTA $1.14

Investment Strategy

Pre-tax NTA 0.9%

Post-tax NTA 2.6%



Yield 4.7%

Franking 100%


Key Information



Derivatives: Can use derivatives to hedge currency & securities, and short term invest. Strategy Options/other 0.0m

Cash/Debt: $70.6m Cash (30 Jun 2018), $0m Debt (30 Jun 2018) Fully diluted 254.4m


Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. PIC Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -2.1% -1.7% 5.2% 1.5% n/a n/a

NTA+


Benchmark 8.4% 4.3% 13.2% 9.1% 10.0% 6.3%


Share Price and NTA Top Holdings %

as at 30-Jun-18

Domestic Securites


Woolworths Ltd 7.6

Suncorp Group Ltd 5.0



International Securities

Shire PLC 8.0

Risk/Return Indicators Allocation of Invested Capital DowDuPont Inc 0.5

Sharpe Standard General Electric Co 0.4

Share price* Ratio Ratio Deviation % of Total 38.2

Year 1 0.99 2.15 7.5%

Year 3 0.18 1.02 8.2%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.41 0.89 8.4%

Year 3 -0.02 0.68 9.4%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against

the S&P/ASX 300 Accumulat ion Index.



PIC’s concentrated portfolio will primarily consist of mid cap Australian companies along with a

smaller portion of global listed securities in an attempt to generate outperformance relative to

the benchmark. The Manager will undertake a bottom up research approach to identify

companies with four key quality characteristics; sound management, conservative debt

(typically d/e ratio less than 50%), quality of business, and recurring earnings. The portfolio will

traditionally consist between 20-40 securities.


Investment Personnel: Vince Pezzullo, Paul Skamvougeras, Anthony Aboud, Anthony Cay, Jack

Collopy, Nathan Hughes, Garry Laurence. Directors: Nancy Fox (Chairman), Virginia Malley,

John Edstein, Christine Feldmanis, David Lane

Capital Structure

Information

5,200

5,850

6,500

$0.96

$1.08

$1.20


PIC ALL ORDINARIES

Australian Securities

Global Securities

Cash

-30%

-20%

-10%

0%

10%

20%

30%

$0.10

$0.30

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

2014 2015 2016 2017 2018



AMCIL (AMH)Domestic Focused Share Price and NTA Summary




Post-tax NTA $0.94

Investment Strategy

Pre-tax NTA -5.9%

Post-tax NTA 2.1%



Yield 3.6%

Franking 100%


Key Information



Derivatives: Options occasionally used to generate additional income. Options/other 0.0m


Dividend reinvestment plan: Yes, 5 day average price post ex-date Market capitalisation 251.0m

Other: Affiliated with AFIC (AFI), Djerriwarrh (DJW) and Mirrabooka (MIR).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. AMH Share Price v ASX All Ords

Share price*

Performance 7.3% 7.9% 9.1% 6.4% 9.9% 9.6%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -0.7% 3.9% -4.6% -3.1% -0.4% 3.4%

NTA+

Performance 8.5% 5.2% 11.6% 8.1% 10.3% 9.7%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return 0.0% 0.9% -1.4% -0.9% 0.3% 3.3%


as at 30-Jun-18

BHP 5.8

CSL 5.5

Lifestyle Communities 4.0


Macquarie Group 3.4

Mainfreight 3.2


Oil Search 3.1


Risk/Return Indicators Sector Exposure (Top 20) Freedom Foods Group 2.9

Sharpe Standard Qube Holdings 2.8

Share price* Ratio Ratio Deviation Seek 2.5

Year 1 -0.63 0.98 6.5% Transurban Group 2.5

Year 3 -0.37 0.37 10.4% Amcor 2.4

Year 5 -0.04 0.52 13.3% CYBG 2.4

NTA+ James Hardie Industries 2.3

Year 1 -0.43 1.26 7.1% Woolworths Group 2.3

Year 3 -0.17 0.61 9.1% Reece 2.3

Year 5 0.05 0.72 10.2% Computershare 2.2

Challenger 2.2





AMCIL’s concentrated portfolio covers both large and small companies . The number of

companies in the portfolio will usually comprise 30 to 40 stocks depending on market

conditions and thematic investment opportunities. The selection of stocks in the portfolio is

based on attractive valuations as well as the outlook for growth and the competitive structure of

the industry.


Investment Personnel: Mark Freeman (Chief Executive Officer). Directors: Bruce Teele

(Chairman), Ross Barker, Siobhan McKenna, Rupert Myer, Roger Brown, Jon Webster and Bob

Santamaria.

Capital Structure

Information

5,200

5,850

6,500

$0.75

$0.88

$1.00


AMH ALL ORDINARIES

Financials

Materials

Industrials

Health Care

Consumer Staples

Other

-25%

-15%

-5%

5%

15%

25%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



WEALTH DEFENDERS EQUITY (WDE)Domestic Focused Share Price and NTA Summary


Manager: Perennial Value Mgmt Indirect cost ratio with perf. fee: 1.25% Share price $0.85


Post-tax NTA $0.98

Investment Strategy

Pre-tax NTA -11.9%

Post-tax NTA -13.8%



Yield 3.6%

Franking 100%


Key Information



Derivatives: Used to reduce magnitude of negative returns in falling market. Options/other 0.0m


Dividend Reinvestment Plan: Yes, 2.5% discount Market capitalisation 106.9m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WDE Share Price v ASX All Ords

Share price*

Performance -0.6% -3.4% 10.1% -2.5% n/a n/a

Index 8.4% 4.3% 13.2% 9.1% 4.3% 2.1%


NTA+

Performance 2.9% -0.3% 7.7% 2.6% n/a n/a

Benchmark 8.4% 4.3% 13.2% 9.1% 4.3% 2.1%



as at 30-Jun-18



Westpac Bank 6.5





TABCORP Holdings 2.2

Stockland 2.1

Risk/Return Indicators Sector Exposure (Top 20) Telstra Corporation. 1.9

Sharpe Standard QBE Insurance Group 1.9

Share price* Ratio Ratio Deviation Origin Energy 1.8

Year 1 -0.28 0.78 9.4% Macquarie Group Limited 1.8

Year 3 -0.83 -0.38 13.3% Janus Henderson Group 1.7

Year 5 n/a n/a n/a Scentre Group 1.6

NTA+ GrainCorp Limited 1.5

Year 1 -1.10 0.85 5.8% Amcor Limited 1.5

Year 3 -1.35 0.01 7.9% Vocus Group Limited 1.4

Year 5 n/a n/a n/a Perpetual Limited 1.4

The Star Ent Group 1.4





WDE has a dual objective of outperforming the ASX 300 Accumulation Index and using

dynamic asset allocation and derivative protection strategies to provide downside protection

through the market cycles. The manager invests in a diversified portfolio of Australian shares,

with an ex-ASX top 20 bias. The portfolio is expected to contain between 35 and 100 securities.


Investment Personnel: John Murray, Stephen Bruce, Dan Bosscher, Andrew Smith, Scott

Stewart. Directors: Alan Schoenheimer (Chairman), Paul Clitheroe, Richard Morath, Anthony

Patterson & John Murray.

Capital Structure

Information

5,200

5,850

6,500

$0.76

$0.86

$0.95


WDE ALL ORDINARIES

Financials

Materials

Energy

Consumer Staples

Real EstateOther

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

2015 2016 2017 2018



CLIME CAPITAL (CAM)Domestic Focused Share Price and NTA Summary


Manager: Clime Asset Management Indirect cost ratio with perf. fee: 1.92% Share price $0.87

Listed: Apr-04 Indirect cost ratio w/out perf. fee: 1.92% Pre-tax NTA $0.94

Post-tax NTA $0.91

Investment Strategy

Pre-tax NTA -8.0%

Post-tax NTA -4.9%



Yield 5.8%

Franking 100%


Key Information



Derivatives: The manager has the ability to use derivatives to manage excessive risk concentrations. Options/other 22.3m

Cash (Fixed Income)/Debt: Cash $12.3m (30 Jun 2018), Debt $20.7m (31 Dec 2017) Fully diluted 111.6m

Dividend reinvestment plan: Yes, at 1% discount to 4-day VWAP from (and incl.) record date. Market capitalisation 77.3m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. CAM Share Price v ASX All Ords

Share price*

Performance 2.1% -1.6% 5.3% 4.2% 2.1% 7.1%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -5.9% -5.6% -8.4% -5.3% -8.2% 0.9%

NTA+

Performance 3.6% 1.6% 11.6% 4.4% 2.3% 5.3%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -4.4% -2.4% -2.1% -5.1% -8.0% -0.9%


as at 30-Jun-18

Domestic Equities




Webjet Limited 3.6

Janus Henderson Group 3.5

Boral Limited 2.7

Credit Corp Group 2.7

Navigator Global Invest. 3.5

Risk/Return Indicators Sector Exposure (Portfolio) Collins Foods Limited 3.0

Sharpe Standard Jumbo Interactive Limited 2.7

Share price* Ratio Ratio Deviation International Equities

Year 1 -1.32 0.42 6.1% Reckitt Benckiser 0.8

Year 3 -0.54 0.17 9.8% Alphabet Inc 0.7

Year 5 -0.79 -0.09 9.2% Fresenius Medical Care 0.6

NTA+ % of Total 32.5

Year 1 -0.39 1.52 5.8%

Year 3 -0.90 0.21 8.4%

Year 5 -1.26 -0.07 8.8%*+ The investment performance calculat ion has been impacted by the init ial uplif t associated with the 1 for 4 Renounceable Rights issue

(CAM PA) issued in April 2007. However, this is offset by the ongoing cost of the issue which has an effect ive 7.5%fully franked coupon.

CAM PA converts into ordinary equity in April 2017.



CAM applies a four tier strategy: Acquire securities in attractive companies when the market

price on offer trades at a discount to their assessed value; reduce or close positions when the

market price is well above the assessment of value; ensure each investment meets a realistic

required return to ensure the risk and return of the portfolio is properly balanced to achieve

returns without risking capital; seek investments with an enhanced yield; and maintain a high

cash position when prices are expensive and value is not readily available in the market.


Capital Structure

Information

Investment Personnel: John Abernethy (Chief Investment Officer). Directors: John Abernethy

(Chairman), Anthony Golowenko, Julian Gosse and Brett Spork

5,200

5,850

6,500

$0.76

$0.86

$0.95


CAM ALL ORDINARIES

AUD Cash & Equiv alents

USD Cash & Equiv alents

Portf olio Protection

Australian Equities

International Equities

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



FLAGSHIP INVESTMENTS (FSI)Domestic Focused Share Price and NTA Summary


Manager: EC Pohl & Co Pty Ltd Indirect cost ratio with perf. fee: 1.47% Share price $1.66


Post-tax NTA $1.87

Investment Strategy

Pre-tax NTA -16.2%

Post-tax NTA -11.2%



Yield 4.5%

Franking 100%


Key Information




Cash/Debt: $1.6m Cash, $0.0m Debt (31 Dec 2017) Fully diluted 25.5m

Dividend reinvestment plan: Yes. Market capitalisation 42.3m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. FSI Share Price v ASX All Ords

Share price*

Performance 1.8% 3.4% 12.4% 11.8% 9.9% 7.3%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -6.2% -0.6% -1.3% 2.3% -0.4% 1.1%

NTA+

Performance 8.7% 3.8% 12.7% 9.1% 10.1% 8.0%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return 0.7% -0.2% -1.0% -0.4% -0.2% 1.8%


as at 30-Jun-18

Macquarie Group 6.2

Rio Tinto 6.1


Domino’s Pizza 5.1

IPH Limited 5.1

Carsales.Com 4.7


CSL 4.4

SEEK 4.0

Risk/Return Indicators Sector Exposure (Portfolio) Magellan Financial Group 3.8



Year 1 -0.11 0.94 10.3%

Year 3 0.22 0.75 12.2%

Year 5 -0.03 0.52 13.5%

NTA+

Year 1 -0.17 1.04 9.6%

Year 3 -0.06 0.57 11.5%

Year 5 -0.04 0.63 11.3%


the S&P/ASX All Ordinaries Accumulat ion Index.



FSI provides investors with access to a diversified Australian investment portfolio. It aims to

maintain 90% of available funds in equity investments with the balance in cash and equivalent.

FSI is best suited to investors with a medium to long-term time horizon. FSI’s central

investment strategy is to invest in high quality business franchises that have the ability to grow

sales and earnings at rates above GDP, producing superior long term investment returns. The

active investment strategy comprises a broad spectrum of well managed companies.


Investment Personnel: Emmanuel Pohl (Managing Director). Directors: Emmanuel Pohl,

Dominic McGann (Chairman) and Sophie Mitchell

Capital Structure

Information

5,200

5,850

6,500

$1.44

$1.62

$1.80


FSI ALL ORDINARIES

Financials

Inf ormation Technology

Industrials


Cash

Other

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



CBG CAPITAL (CBC)Domestic Focused Share Price and NTA Summary


Manager: CBG Asset Mgmt Indirect cost ratio with perf. fee: 2.19% Share price $0.93


Post-tax NTA $1.03

Investment Strategy

Pre-tax NTA -12.7%

Post-tax NTA -10.2%



Yield 3.3%

Franking 100%


Key Information



Derivatives: Used for arbitrage or hedging Options/other 0.0m

Cash/Debt: $0.25 cash (30 Jun 2018) and $0m Debt (31 Dec 2017) Fully diluted 25.1m

Dividend Reinvestment Plan: Yes, 2% discount from Apr 18 NTA Market capitalisation 23.2m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. CBC Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return 0.1% 2.8% -7.4% -7.2% n/a n/a

NTA+


Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -1.6% 0.7% -0.8% -3.0% n/a n/a


as at 30-Jun-18






Speedcast International 4.4

Rio Tinto Limited 4.3


Webjet Limited 4.1

Risk/Return Indicators Sector Exposure (Top 10) Afterpay Touch Group 4.0



Year 1 -0.83 0.40 8.9%

Year 3 -0.45 -0.02 13.3%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.20 1.51 6.3%

Year 3 -0.53 0.33 10.3%

Year 5 n/a n/a n/a


the S&P/ASX 200 Accumulat ion Index.



CBC invests in portfolio of listed securities predominately in S&P/ASX200, with an emphasis

on ex-S&P/ASX100 securities. The mandate is index unaware and style neutral. The Manager

applies a disciplined investment process, using fundamental analysis to assess each

securities’ drivers, and then followed up by meeting with management. The portfolio will

typically consist of 30-60 securities and is expected to take material underweight or overweight

sector positions versus the index.


Investment Personnel: Ronni Chalmers, Scott Maddock, Vincent Cook, Michael Newbold.

Directors: Ronni Chalmers (Chairman), John Abernethy, James Beecher.

Capital Structure

Information

5,200

5,850

6,500

$0.76

$0.86

$0.95


CBC ALL ORDINARIES

Financials

Materials

Consumer Staples

Telecommunication Serv ices

Energy

Other

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

2014 2015 2016 2017 2018



WAM CAPITAL (WAM)Domestic Focused Share Price and NTA Summary




Post-tax NTA $1.98

Investment Strategy

Pre-tax NTA 17.2%

Post-tax NTA 20.2%



Yield 6.4%

Franking 100%


Key Information



Derivatives: Used for arbitrage and in anticipation of a decline in the market value of that security. Options/other 0.0m

Cash (Fixed Income)/Debt: Cash $394.1m (30 Jun 2018) Fully diluted 668.4m

Dividend reinvestment plan: Yes, 2.5% discount to 4 day VWAP from (and including) ex-date Market capitalisation 1590.7m

Other: Affiliated with WAM Research (ASX code: WAX) and WAM Active (ASX code: WAA).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WAM Share Price v ASX All Ords

Share price*

Performance -1.7% 2.4% 6.0% 14.6% 15.0% 14.8%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -9.7% -1.6% -7.7% 5.1% 4.7% 8.6%

NTA+

Performance 5.2% 2.9% 12.8% 11.8% 11.7% 10.3%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -2.8% -1.1% -0.9% 2.3% 1.4% 4.1%


as at 30-Jun-18

Aveo Group Limited

Austal Limited

Bapcor Limited

Bega Cheese Limited

Corporate Travel Management Limited

Emeco Holdings Limited

Flight Centre Travel Group Limited

FlexiGroup Limited

Greencross Limited

Risk/Return Indicators Portfolio Composition Lifestyle Communities Limited

Sharpe Standard Mayne Pharma Group Limited

Share price* Ratio Ratio Deviation Nine Entertainment Co Holdings Limited

Year 1 -0.72 0.51 6.4% Pengana International Equities Limited

Year 3 0.40 1.48 8.1% PSC Insurance Group Limited

Year 5 0.41 1.36 8.9% Scottish Pacific Group Limited

NTA+ Seven Group Holdings Limited

Year 1 -0.32 1.93 5.2% Seven West Media Limited

Year 3 0.28 1.43 6.4% Southern Cross Media Group Limited

Year 5 0.18 1.27 6.9% Templeton Global Growth Fund Limited

Wealth Defender Equities Limited* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against




WAM holds an actively managed diversified portfolio of undervalued growth companies, largely

found in the small/mid cap industrial sector. Investment objective to deliver a growing stream of

fully franked dividends, provide capital growth and to preserve capital. WAM has a two-fold

investment strategy, Research driven (Focus on free cash flow, company management,

earnings growth potential, valuation, industry position and catalyst for share price growth) and

Market driven (short-term relative arbitrage opportunities and market mispricing)


Investment Personnel: Geoffrey Wilson, Chris Stott, Martin Hickson, Matt Haupt, John Ayoub,

Oscar Oberg and Tobias Yao. Directors: Geoffrey Wilson, Dr Philippa Ryan, James Chirnside,

Chris Stott, Kate Thorley and Lindsay Mann.

Capital Structure

Information

5,200

5,850

6,500

$2.08

$2.34

$2.60


WAM ALL ORDINARIES

Listed Equity

(71.7%)

Fixed Interest & Cash (29.0%)

Short Portf olio (-0.7%)

-50%

-25%

0%

25%

50%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



MIRRABOOKA INVESTMENTS (MIR)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed equities Benchmark: S&P Midcap (50%); Small Ords (50%) as at 30-Jun-18



Post-tax NTA $2.29

Investment Strategy

Pre-tax NTA 3.9%

Post-tax NTA 17.5%



Yield 5.2%

Franking 100%


Key Information



Derivatives: Options occasionally used to generate additional income. Options/other 0.0m


Dividend reinvestment plan: 5% discount to 6 day average price from ex-date Market capitalisation 425.4m

Other: Affiliated with AMCIL (AMH), AFIC (AFI) and Djerriwarrh (DJW).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. MIR Share Price v ASX All Ords

Share price*

Performance 4.7% 2.8% 4.9% 6.9% 10.3% 10.6%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -3.3% -1.2% -8.8% -2.6% 0.0% 4.4%

NTA+

Performance 7.0% 5.5% 15.0% 11.2% 12.9% 10.0%

Benchmark 6.2% 3.6% 18.1% 16.1% 14.3% 5.1%

Active return 0.8% 1.9% -3.1% -4.9% -1.4% 4.9%


as at 30-Jun-18

Lifestyle Communities 4.0

Mainfreight 3.1

Qube Holdings 3.1

Alumina 2.9

Freedom Foods Group 2.8

Seek 2.6

Reece 2.6

Challenger 2.5

ARB Corporation 2.3

Risk/Return Indicators Sector Exposure (Top 20) IRESS 2.3

Sharpe Standard ResMed 2.2

Share price* Ratio Ratio Deviation AUB Group 2.1

Year 1 -0.73 0.17 12.5% CYBG 1.9

Year 3 -0.19 0.33 13.2% Webjet 1.8

Year 5 0.00 0.51 14.5% Computershare 1.8

NTA+ Objective Corporation 1.8

Year 1 -0.77 2.43 5.1% Iluka Resources 1.7

Year 3 -0.88 1.06 8.1% ALS 1.7

Year 5 -0.27 1.05 9.6% Carsales.com 1.6

WH Soul Pattinson 1.6


the S&P/M id-cap (50%) and S&P/Small-cap (50%)



MIR objectives are to provide attractive investment returns over the medium to long term

through holding core investments in selected small and medium sized companies and to

provide attractive dividend returns. MIR focuses on attractive valuations, prospects for strong

growth and the potential to benefit from takeover activity.


Investment Personnel: Mark Freeman (Chief Executive Officer). Directors: Terrence Campbell

(Chairman), Ian Campbell, David Meiklejohn, Ross Barker, Dr Jackie Fairley.

Capital Structure

Information

5,200

5,850

6,500

$2.40

$2.70

$3.00


MIR ALL ORDINARIES

Industrials

Inf ormation Technology

Real Estate

Financials

Materials

Other

-35%

-25%

-15%

-5%

5%

15%

25%

35%

45%

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



WAM RESEARCH (WAX)Domestic Focused Share Price and NTA Summary




Post-tax NTA $1.25

Investment Strategy

Pre-tax NTA 18.0%

Post-tax NTA 20.8%



Yield 6.1%

Franking 100%


Key Information






Other: Affiliated with WAM Capital (ASX code: WAM) and WAM Active (ASX code: WAA)

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WAX Share Price v ASX All Ords

Share price*

Performance -0.2% 1.8% 6.4% 16.0% 16.2% 15.8%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -8.2% -2.2% -7.3% 6.5% 5.9% 9.6%

NTA+

Performance 6.0% 3.7% 13.2% 12.1% 12.9% 10.4%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -2.0% -0.3% -0.5% 2.6% 2.6% 4.2%


as at 30-Jun-18

Adairs Limited

AUB Group Limited

Accent Group Limited

Bapcor Limited

Corporate Travel Management Limited


Flight Centre Travel Group Limited

FlexiGroup Limited

Imdex Limited

Risk/Return Indicators Portfolio Composition Lifestyle Communities Limited

Sharpe Standard Mayne Pharma Group Limited

Share price* Ratio Ratio Deviation Noni B Limited

Year 1 -0.62 0.39 9.6% Nine Entertainment Co. Holdings Limited

Year 3 0.42 1.20 11.1% Pacific Current Group Limited

Year 5 0.45 1.20 11.0% PSC Insurance Group Limited

NTA+ Reece Limited

Year 1 -0.09 1.73 6.1% Scottish Pacific Group Limited

Year 3 0.30 1.56 6.1% SpeedCast International Limited

Year 5 0.29 1.67 5.9% Seven West Media Limited

Wagners Holdings Company Limited* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against




WAX is an LIC primarily investing in small to medium industrial companies listed on the ASX.

The investment objectives are to provide a growing stream of fully franked dividends and to

achieve a high real rate of return, comprising both income and capital growth within risk

parameters acceptable to the Directors. WAX has a research driven investment strategy,

focussed on identifying free cash flow, then rating the company’s management, earnings

growth potential, valuation, industry position and catalyst for share price growth.



Oscar Oberg and Tobias Yao. Directors: Geoffrey Wilson, Matthew Kidman, Julian Gosse,

Chris Stott, Kate Thorley and John Abernethy.

Capital Structure

Information

5,200

5,850

6,500

$1.36

$1.53

$1.70


WAX ALL ORDINARIES

Listed Equity

(74.4%)


-50%

-25%

0%

25%

50%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



WESTOZ INVESTMENT COMPANY LIMITED (WIC)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed equities Benchmark: S&P/ASX Small Ords Accum as at 30-Jun-18

Manager: Westoz Funds Management Indirect cost ratio with perf. fee: 1.89% Share price $1.17

Listed: Sep-09 Indirect cost ratio w/out perf. fee: 1.23% Pre-tax NTA $1.28

Post-tax NTA $1.23

Investment Strategy

Pre-tax NTA -9.0%

Post-tax NTA -5.3%



Yield 5.2%

Franking 100%


Key Information



Derivatives: No (allowed but not used). Options/other 11.0m

Cash/Debt: $47.2m Cash (30 Jun 2018) , $0.0m Debt (31 Dec 2017) Fully diluted 141.9m

Dividend reinvestment plan: Yes. Market capitalisation 152.4m

Other: Affiliated with Ozgrowth (ASX code: OZG).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WIC Share Price v ASX All Ords

Share price*

Performance 4.0% 0.9% 28.4% 15.9% 9.9% n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -4.0% -3.1% 14.7% 6.4% -0.4% n/a

NTA+

Performance 2.8% 3.5% 22.1% 14.9% 8.3% n/a

Benchmark 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%

Active return -4.9% -1.2% -2.1% -0.1% -3.3% n/a


as at 30-Jun-18

Cash 31.0

Australis Oil & Gas Limited 13.0

Cedar Woods Properties 9.0

Finbar Group Limited 7.0

Cooper Energy Limited 4.0

Mount Gibson Iron Limited 4.0

Austal Limited 4.0

Southern Cross Electrical 4.0

Macmahon Holdings 4.0

Risk/Return Indicators Sector Exposure (Top 10) West African Resources 3.0



Year 1 1.71 2.49 10.3%

Year 3 0.54 0.92 14.6%

Year 5 -0.03 0.44 15.7%

NTA+

Year 1 -0.25 1.94 9.9%

Year 3 -0.01 1.21 10.2%

Year 5 -0.30 0.40 13.4%


the S&P/ASX Small Ordinaries Accumulat ion Index.



WIC invests in small to medium sized companies, generally with some connection to Western

Australia. Its investment objective is to generate consistent positive returns over the medium

term, thereby providing a reliable stream of dividends and capital growth for investors. A

concentrated portfolio (generally 10 to 20 stocks) is held and given the focus on Western

Australia, above average exposure to the resources sector is a feature. If suitable equity

investments are not available, large cash positions may be held from time to time.


Key Personnel: Philip Rees, Dermot Woods, Jay Hughes. Directors: Jay Hughes (Chairman),

Terry Budge, Simon Joyner.

Capital Structure

Information

5,000

6,563

8,125

$0.80

$1.05

$1.30


WIC ALL ORDINARIES

Cash

Energy

Real Estate

Materials

Industrials

-60%

-40%

-20%

0%

20%

40%

60%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



OZGROWTH (OZG)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed Benchmark: S&P/ASX Small Ords Accum as at 30-Jun-18

Manager: Westoz Funds Management Indirect cost ratio with perf. fee: 1.38% Share price $0.18

Listed: Jan-08 Indirect cost ratio w/out perf. fee: 1.38% Pre-tax NTA $0.23

Post-tax NTA $0.22

Investment Strategy

Pre-tax NTA -21.7%

Post-tax NTA -18.2%



Yield 2.8%

Franking 100%


Key Information



Derivatives: No (allowed but not used). Options/other 35.5m

Cash/Debt: $12.2m cash (30 Jun 2018), $0 debt/hybrid (31 Dec 2017) Fully diluted 392.0m


Other: Affiliated with Westoz Investment Company (ASX code: WIC).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. OZG Share Price v ASX All Ords

Share price*

Performance 5.9% -1.4% 15.8% 8.8% 8.3% 5.1%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -2.1% -5.4% 2.1% -0.7% -2.0% -1.1%

NTA+

Performance 5.0% 4.3% 19.8% 13.8% 7.7% 5.5%

Benchmark 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%

Active return -2.7% -0.4% -4.4% -1.2% -3.9% 2.9%


as at 30-Jun-18

Cash 19.0

Australis Oil & Gas Limited 12.0

Cedar Woods Properties 11.0

SRG Limited 5.0

Zenith Energy Limited 5.0

Cooper Energy Limited 5.0

Emerald Resources NL 4.0

Finbar Group Limited 3.0

Equatorial Resources 3.0

Risk/Return Indicators Sector Exposure (Top 10) Medusa Mining Limited 3.0



Year 1 0.35 1.24 10.6%

Year 3 -0.05 0.35 17.7%

Year 5 -0.12 0.28 19.1%

NTA+

Year 1 -0.47 1.60 10.6%

Year 3 -0.10 0.85 13.2%

Year 5 -0.32 0.30 15.9%


the S&P/ASX Small Ordinaries Accumulat ion Index.



OZG invests in small to medium sized companies, generally with some connection to Western

Australia. The group's investment objective is to generate a consistent positive return over the

medium term. OZG will hold a concentrated portfolio of securities and a variable but significant

amount of cash. It will also invest in smaller situations (sub $100m market cap) and consider

unlisted opportunities.


Key Personnel: Philip Rees, Dermot Woods, Jay Hughes. Directors: Jay Hughes (Chairman),

Simon Joyner, Michael Jefferies.

Capital Structure

Information

5,200

5,980

6,760

$0.15

$0.18

$0.20


OZG ALL ORDINARIES

Cash

Energy

Real Estate Materials

Utilities

Industrials

-60%

-40%

-20%

0%

20%

40%

60%

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



NAOS EX-50 OPPORTUNITIES (NAC)Domestic Focused Share Price and NTA Summary

Mandate: Listed Equity (Long Only) Benchmark: S&P/ASX 300 Industrials Accum as at 30-Jun-18

Manager: NAOS Asset Management Indirect cost ratio with perf. fee: 2.42% Share price $0.96

Listed: Nov-14 Indirect cost ratio w/out perf. fee: 2.42% Pre-tax NTA $1.11

Post-tax NTA $1.09

Investment Strategy

Pre-tax NTA -14.0%

Post-tax NTA -12.4%



Yield 5.5%

Franking 100%


Key Information




Cash/Debt: $3.3m cash (30 Jun 2018), $0.0m debt (31 Dec 2017) Fully diluted 52.5m


Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. NAC Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%


NTA+

Performance -0.9% -3.6% 5.7% 6.0% n/a n/a

Benchmark 8.4% 4.3% 13.2% 9.1% 10.0% 6.3%


Share Price and NTA Net Industry Exposure %

as at 30-Jun-18

Commercial Services 18.7

Telecommunications 16.6

Consumer Services 14.7

Capital Goods 14.0

Health Care 13.8

Food & Beverage 5.2

Financials 5.2

Retail 5.1

Cash 6.6

Risk/Return Indicators % of Total 100.0

Sharpe Standard


Year 1 -1.74 -0.62 8.9%

Year 3 -0.24 0.32 12.0%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.87 0.49 6.2%

Year 3 -0.29 0.43 7.8%

Year 5 n/a n/a n/a


the S&P/ASX 300 Industrials Accumulat ion Index. Benchmark changed 1st July 2018 and will be used as a past performance indicated



NAC seeks to protect investor capital whilst providing a sustainable growing stream of fully

franked dividends and long-term capital growth above the benchmark index. NAC aims to

provide investors with genuine, concentrated exposure to Australian undervalued listed mid-

cap companies (market capitalisation generally between$400 million and $1 billion+) with an

industrial focus.


Investment Personnel: Sebastian Evans (Managing Director), Robert Miller, Ben Rundle,

Chadd Knights, Rachel Folder. Directors: David Rickards (Independent Chairman), Warwick

Evans, Sebastian Evans.

Capital Structure

Information

5,200

5,850

6,500

$0.88

$0.99

$1.10


NAC ALL ORDINARIES

-50%

-25%

0%

25%

50%

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

2014 2015 2016 2017 2018



WAM MICROCAP (WMI)Domestic Focused Share Price and NTA Summary


Manager: Wilson Asset Management Indirect cost ratio with perf. fee: n/a Share price $1.43

Listed: Jun-17 Indirect cost ratio w/out perf. fee: n/a Pre-tax NTA $1.35

Post-tax NTA $1.28

Investment Strategy

Pre-tax NTA 5.6%

Post-tax NTA 11.3%



Yield 1.4%

Franking 100%


Key Information



Derivatives: Used for arbitrage and in anticipaton of a decline in the market value of the security Options/other 0.0m


Dividend reinvestment plan: n/a Market capitalisation 199.7m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WMI Share Price v ASX All Ords

Share price*

Performance -2.3% -1.0% 28.5% n/a n/a n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -10.3% -5.0% 14.8% n/a n/a n/a

NTA+


Benchmark 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%



as at 30-Jun-18

Adairs Limited

Austin Engineering Limited

Australian Vintage Limited

Axsesstoday Limited

Boom Logistics Limited

Cabcharge Australia Limited

Cardno Limited

CML Group Limited


Risk/Return Indicators Portfolio Composition Generational Development Group Limited

Sharpe Standard Integral Diagnostics Limited

Share price* Ratio Ratio Deviation Noni B Limited

Year 1 0.91 1.71 15.1% Onevue Holdings Limited

Year 3 n/a n/a n/a Pacific Current Group Limited

Year 5 n/a n/a n/a PSC Insurance Group Limited

NTA+ Reckon Limited

Year 1 0.26 2.33 10.1% Specialty Fashion Group Limited

Year 3 n/a n/a n/a 360 Capital Total Return Fund

Year 5 n/a n/a n/a Virgin Australia Holdings Limited

Veris Limited* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against

the S&P/ASX Small Ords Accumulat ion Index.



WMI is an LIC that targets listed companies with a market capitalisation of less than $300m at

time of acquisition. WMI will seek to deliver a steam of fully-franked dividends, provide capital

growth over the medium-to-long term and preserve capital. WMI employs a two tiered

investment process including a Research Driven strategy, which is fundamentally a bottom up

approach, and a Market Driven strategy, which targets relatively short-term arbitrage and

mispricing.


Investment Personnel: Geoff Wilson, Chris Stott, Matthew Haupt, Martin Hickson, Oscar Oberg,

Tobias Yao, John Ayoub. Directors: Geoff Wilson (Chairman), Chris Stott, Kate Thorley,

Jacqueline Sullivan.

Capital Structure

Information

5,200

6,760

8,320

$1.00

$1.30

$1.60


WMI ALL ORDINARIES

Listed Equity

(81.6%)


-50%

-25%

0%

25%

50%

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

$1.70

Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18



NAOS SMALL CAP OPPORTUNITIES (NSC)Domestic Focused Share Price and NTA Summary




Post-tax NTA $0.92

Investment Strategy

Pre-tax NTA -19.5%

Post-tax NTA -16.8%



Yield 8.4%

Franking 70%


Key Information




Cash: $3.2m (30 Jun 2018) Debt/Hybrid: $26.6m (30 Jun 2018) Fully diluted 52.8m

Dividend reinvestment plan: Yes Market capitalisation 40.2m

Other: Convertible note currently on market. Mature Mar-2020.

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. NSC Share Price v ASX All Ords

Share price*

Performance -11.6% -15.8% -8.8% -4.6% 2.2% 2.2%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -19.6% -19.8% -22.5% -14.1% -8.1% -4.0%

NTA+

Performance 0.0% -2.5% 1.1% 2.1% 4.6% -0.4%

Benchmark 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%

Active return -7.7% -7.2% -23.1% -12.9% -7.0% -3.0%


as at 30-Jun-18

Telecommunications 31.2

Real Estate 14.7


Health Care 9.8

Financials 8.5

Retail 6.3

Media 5.5

Materials 4.4

Cash 8.0

Risk/Return Indicators % of Total 100.0

Sharpe Standard


Year 1 -1.63 -0.91 12.7%

Year 3 -1.08 -0.51 14.0%

Year 5 -0.67 -0.06 13.5%

NTA+

Year 1 -2.46 -0.21 7.7%

Year 3 -1.26 -0.05 10.5%

Year 5 -0.75 0.13 12.7%





NSC seeks to protect investor capital whilst providing a sustainable growing stream of fully

franked dividends and long-term capital growth above the benchmark index. NSC aims to

provide investors with genuine, concentrated exposure to Australian undervalued listed small-

cap companies (market capitalisation generally between $100 million and $1 billion) with an

industrial focus.



Chadd Knights, Rachel Folder. Directors: Trevor Carroll (Independent Chairman), David

Rickards, Warwick Evans, Sebastian Evans.

Capital Structure

Information

5,200

6,240

7,280

$0.70

$0.84

$0.98

Dec-17 Mar-18 Jun-18

NSC ALL ORDINARIES

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



NAOS EMERGING OPPORTUNITIES (NCC)Domestic Focused Share Price and NTA Summary

Mandate: Listed equities (Long Only) Benchmark: S&P/ASX Small Ords Accum as at 30-Jun-18


Listed: Feb-13 Indirect cost ratio w/out perf. fee: 2.05% Pre-tax NTA $1.28

Post-tax NTA $1.23

Investment Strategy

Pre-tax NTA -2.0%

Post-tax NTA 2.0%



Yield 5.8%

Franking 100%


Key Information


Style: Large/Medium /Small Cap, Balanced/Value/Growth, Passive/Active, Long/Short Ordinary shares 59.7m


Cash/Debt: $0.9m cash (30 Jun 2018), $0.0m debt (31 Dec 2017) Fully diluted 59.7m


Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. NCC Share Price v ASX All Ords

Share price*

Performance -5.3% -11.6% -0.6% 14.1% 11.1% n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -13.3% -15.6% -14.3% 4.6% 0.8% n/a

NTA+

Performance -1.5% -4.6% 4.7% 11.7% 8.8% n/a

Benchmark 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%

Active return -9.2% -9.3% -19.5% -3.3% -2.8% n/a


as at 30-Jun-18


Diversified Financials 26.4

Media 12.6

Materials 12.2

Capital Goods 9.5

Food & Beverage 7.2

Cash 0.1

% of Total 100.0

Risk/Return Indicators

Sharpe Standard


Year 1 -1.21 -0.28 12.0%

Year 3 0.31 0.73 15.8%

Year 5 0.06 0.56 14.6%

NTA+

Year 1 -2.49 0.31 6.4%

Year 3 -0.35 0.97 9.4%

Year 5 -0.29 0.59 9.8%





NCC seeks to protect investor capital whilst providing a sustainable growing stream of fully

franked dividends and long-term capital growth above the benchmark index. NCC aims to

provide investors with genuine, concentrated exposure to Australian undervalued listed micro-

cap companies (market capitalisation generally less than $250 million) with an industrial

focus.



Chadd Knights, Rachel Folder. Directors: David Rickards (Independent Chairman), Warwick

Evans, Sebastian Evans.

Capital Structure

Information

4,600

5,980

7,360

$1.00

$1.30

$1.60

Dec-17 Mar-18 Jun-18

NCC ALL ORDINARIES

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

2013 2013 2014 2015 2016 2017 2018



ACORN CAPITAL INVESTMENT FUND (ACQ)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed/unlisted equities Benchmark: S&P/ASX Small Ords Accum as at 30-Jun-18

Manager: Acorn Capital Indirect cost ratio with perf. fee: 1.75% Share price $1.15


Post-tax NTA $1.27

Investment Strategy

Pre-tax NTA -16.1%

Post-tax NTA -9.4%



Yield 4.1%

Franking 100%


Key Information



Derivatives: n/a. Options/other 0.0m

Cash/Debt: $2.16m cash (31 Jun 2018) and $0m Debt (30 Dec 2017) Fully diluted 52.7m

Dividend Reinvestment Plan: Yes, 2.0% discount Market capitalisation 60.6m

Other:

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. ACQ Share Price v ASX All Ords

Share price*


Index 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%


NTA+


Benchmark 7.7% 4.7% 24.2% 15.0% 11.6% 2.6%



as at 30-Jun-18

Telix Pharmaceuticals 4.4

Genea Limited (UL) 3.8

Calix Limited (UL) 3.4

Redhill Education Limited 3.2

Carbon Revolution (UL) 2.5

Moula Money (UL) 2.5

Redbubble Limited 2.4

Sundance Energy Australia 2.4

Fiducian Group Limited 2.1

Risk/Return Indicators Portfolio Profile Innovative Asset Sol. (UL) 2.1



Year 1 0.49 1.98 14.1%

Year 3 0.46 1.22 15.1%

Year 5 n/a n/a n/a

NTA+

Year 1 0.48 1.82 15.6%

Year 3 0.19 0.90 16.2%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the S&P/ASX Small Ords Accumulat ion Index. + The NTA has been compared against the

S&P/ASX Small Ords Accumulat ion Index.



ACQ invests in Listed and Unlisted Microcaps. The manager believe that through an in-house

research driven investment process, the pricing inefficiencies that exist in both listed and

unlisted microcaps can be exploited to earn returns superior to those available in the broader

market.


Investment Personnel: Robert Routley, Matthew Sheehan, Ben Dalling, Rick Squire, Karina

Bader, Robert Bruce, Paul Palumbo. Directors: Barry Fairley, Robert Brown, Judith Smith, John

Steven (Chairman), David Trude.

Capital Structure

Information

5,200

6,500

7,800

$0.80

$1.00

$1.20


ACQ ALL ORDINARIES

Listed Inv estments

Unlisted Inv estments

Cash

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.50

$1.00

$1.50

$2.00

2014 2015 2016 2017 2018



BAILADOR TECHNOLOGY INVESTMENT (BTI)Domestic Focused Share Price and NTA Summary

Mandate: Aus/NZ Unlisted Internet Comp Benchmark: 8% p.a. Hurdle as at 30-Jun-18

Manager: Bailador Investment Management Indirect cost ratio with perf. fee: 2.55% Share price $0.74

Listed: Nov-14 Indirect cost ratio w/out perf. fee: 2.55% Pre-tax NTA $1.11

Post-tax NTA $1.06

Investment Strategy

Pre-tax NTA -33.3%

Post-tax NTA -30.2%



Yield 0.0%

Franking n/a

Grossed up yield n/a

Key Information



Derivatives: The Company may use Financial Derivatives Options/other 0.0m

Cash/Debt: $3.8m cash (30 Jun 2018) $0m Debt (31 Dec 2017) Fully diluted 120.2m

Dividend Reinvestment Plan: No Market capitalisation 89.0m

Other: Divs distributed only when investments are realised (after accrued per.fees deducted)

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. BTI Share Price v ASX All Ords

Share price*

Performance -12.4% -17.8% -17.8% -6.7% n/a n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%


NTA+


Benchmark 1.9% 3.9% 8.0% 8.0% 8.0% 8.0%

Active return 1.8% -1.1% -4.3% -7.1% n/a n/a


as at 30-Jun-18

SiteMinder 42.3

Stackla 9.0

Straker Translations 8.1

Lendi 7.2

Instaclustr 7.2

DocsCorp 7.2

SMI 5.4

Viostream 5.4

Rezdy 3.6

Risk/Return Indicators Implied Gain in Valuation (%) Brosa 1.8

Sharpe Standard Cash 2.7

Share price* Ratio Ratio Deviation % of Total 100.0

Year 1 -2.03 -1.57 13.1%

Year 3 -0.70 -0.40 23.2%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.64 0.15 6.7%

Year 3 -0.64 -0.16 11.2%

Year 5 n/a n/a n/a

* The share price benchmark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against

the 8% p.a. performance benchmark



Offers investors a portfolio of unlisted internet related businesses founded in Aus and NZ. BTI

focuses on private companies that are in the ‘expansion stage’ of their business cycle, with a

demonstrated revenue lead and customer base as well as an enterprise value of between

$10m and $200m. The Manager will seek to invest in companies that are looking for capital to

grow the existing business, with no long term debt obligations. The Manager will also focus on

companies that apply a subscription based or marketplace revenue model.


Investment Personnel: David Kirk, Paul Wilson, Andrea Kowalski, James Johnstone. Directors:

David Kirk (Chairman), Paul Wilson, Andrew Bullock, Sankar Narayan, Heith Mackay-Cruise

Capital Structure

Information

5,200

6,240

7,280

$0.70

$0.84

$0.98


BTI ALL ORDINARIES

Viostream

SMI

Brosa

Stackla

Rezdy

Straker

Lendi

DocsCorp

Instaclustr

SiteMinder

-100% 0% 100% 200% 300%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

2014 2015 2016 2017 2018



CADENCE CAPITAL (CDM)Domestic/International Focused Share Price and NTA Summary

Mandate: Long/Short Dom/Intl Listed Equity Benchmark: All Ordinaries Accumulation as at 30-Jun-18

Manager: Cadence Asset Management Indirect cost ratio with perf. fee: 2.01% Share price $1.25


Post-tax NTA $1.30

Investment Strategy

Pre-tax NTA 0.0%

Post-tax NTA -3.8%



Yield 6.4%

Franking 100%


Key Information




Cash (Fixed Income)/Debt: Cash $19.8m (30 Jun 2018), Debt $0.0m (31 Dec 2017) Fully diluted 318.0m

Dividend reinvestment plan: Yes, 3% discount to 4 day VWAP post ex-date Market capitalisation 397.4m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. CDM Share Price v ASX All Ords

Share price*

Performance -2.3% -4.5% 7.6% 3.6% 6.9% 11.8%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -10.3% -8.5% -6.1% -5.9% -3.4% 5.6%

NTA+

Performance 6.4% 1.3% 14.8% 3.7% 6.6% 9.5%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -1.6% -2.7% 1.1% -5.8% -3.7% 3.3%


as at 30-Jun-18

ARQ Group Ltd 16.6

Emeco Holdings Ltd 7.1

Macquarie Group Ltd 6.3

Noni B Ltd 4.8

Janus Henderson Group 3.9

Money3 Corporation Ltd 3.6

Teva Pharmaceutical-SP 2.9

Navigator Global 2.9

Shine Corporate Ltd 2.6

Risk/Return Indicators Net Sector Exposure (Portfolio) Aurelia Metals Ltd 2.5

Sharpe Standard Domino's Pizza -2.3

Share price* Ratio Ratio Deviation Tesla Inc -2.2

Year 1 -0.57 0.61 7.9% Credit Corp Group Ltd 2.2

Year 3 -0.47 0.09 10.9% % of Total 50.9

Year 5 -0.30 0.36 11.1% Gross Portfolio Structure

NTA+ as at 30-Jun-18

Year 1 0.24 1.57 7.7% Listed Securities (Long) 87.0

Year 3 -0.80 0.10 11.3% Listed Securities (Short) 6.8

Year 5 -0.50 0.37 10.0% Net Exposure 80.2

Cash 19.8

% of Total 100.0

*+ In May 2011CDM received $0.22 per CDM share of f ranking credit s when RHG ret urned t he major it y of it sasset s in t he f orm of a f ully f ranked dividend. At t he

t ime CDM shares were t rading at $1.25. These f ranking credit s were wort h 17.6%of t he CDM share price at t he t ime and are not ref lect ed in our perf ormance

calculat ionsast he calculat ionsare based on pre-t ax NTA and not post -t ax NTA. * The share price benchmark and NTA have been compared against t he S&P/ ASX

All Ordinaries Accumulat ion Index.

*+ Measurement of a LIC’s perf ormance is calculat ed af t er all operat ing expenses, provision and payment of bot h income and realised capit al gains t ax and t he reinvest ment of dividends, and do not incorporat e f ranking. Index ret urns however are

ent irely bef ore any operat ing expenses or t axat ion. LIC ret urns will consequent ly be underst at ed relat ive t o t he Index ret urn.

CDM is a long-short Australian equities fund, with a long bias, that invests predominatly in

equities listed on the ASX. More recently, the manager has taken advatange of opportunities in

the international markets. The manager uses both fundamental and technical analysis in

making investing decisions, employing bottom up research and a disciplined 'Entry and Exit'

strategy. Both strategies seek to exploit the inefficient flow of information through the market,

individual equity momentum and the cyclical nature of markets.


Investment Personnel: Karl Siegling, Wayne Davies, Christopher Garrard. Directors: Karl

Siegling (Chairman), Wayne Davies, James Chirnside, Ronald Hancock.

Capital Structure

Information

5,200

5,850

6,500

$1.12

$1.26

$1.40


CDM ALL ORDINARIES

Technology

Consumer Financial

Energy

Industrial

Materials

Communications

Cash

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



AUSTRALIAN LEADERS FUND (ALF)Domestic Focused Share Price and NTA Summary

Mandate: Long/Short ASX Listed Equity Benchmark: All Ordinaries Accumulation as at 30-Jun-18

Manager: Watermark Funds Management Indirect cost ratio with perf. fee: 1.25% Share price $1.03

Listed: Feb-04 Indirect cost ratio w/out perf. fee: 1.25% Pre-tax NTA $1.22

Post-tax NTA $1.22

Investment Strategy

Pre-tax NTA -15.6%

Post-tax NTA -15.6%



Yield 0.0%

Franking n/a


Key Information



Derivatives: The manager has the ability to short-sell securities. Options/other 0.0m

Cash/Fixed Income: $281.4m (30 Jun 2018), Debt: $0.0m (31 Dec '17) Fully diluted 272.5m


Other: Affilications with WMK and WGF

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. ALF Share Price v ASX All Ords

Share price*

Performance -1.0% -5.5% -14.5% -1.5% -0.8% 10.7%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -9.0% -9.5% -28.2% -11.0% -11.1% 4.5%

NTA+

Performance 0.8% 2.5% -3.2% 2.2% 2.6% 9.1%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -7.2% -1.5% -16.9% -7.3% -7.7% 2.9%


Not Disclosed


Sharpe Standard


Year 1 -1.59 -1.20 14.4% Gross Portfolio Structure

Year 3 -0.59 -0.28 14.3% as at 30-Jun-18

Year 5 -0.65 -0.27 14.2% Listed Securities (Long) 98.3

NTA+ Listed Securities (Short) 87.8

Year 1 -1.89 -1.12 5.2% Net Exposure 10.5

Year 3 -0.61 -0.08 5.3% Cash 89.5

Year 5 -0.62 -0.05 6.2% % of Total 100.0

* The shareprice benchmark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against




ALF looks to invest in leading Australian companies, with strong business fundamentals on

attractive terms. The group has a long/short mandate that allows the company to take

advantage of both undervalued and overvalued securities. The proceeds raised from short

selling securities provides an additional source of funding for the group. These funds are

either retained in cash or re-invested into the investment portfolio of shares we expect to

outperform.


Investment Personnel: Justin Braitling (CIO), Tom Richardson (PM), Harvey Felton (Sector

Head), Hamish Chalmers, Delian Entchev, Nick Cameron, Ian Carmichael. Directors: Justin

Braitling (Chairman), Julian Gosse, John Abernethy and Geoff Wilson.

Capital Structure

Information

4,250

5,525

6,800

$0.95

$1.14

$1.33


ALF ALL ORDINARIES

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



WAM ACTIVE (WAA)Domestic Focused Share Price and NTA Summary

Mandate: Long/Short ASX Listed Equity Benchmark: All Ordinaries Accumulation as at 30-Jun-18



Post-tax NTA $1.08

Investment Strategy

Pre-tax NTA 0.5%

Post-tax NTA 2.3%



Yield 5.1%

Franking 100%


Key Information






Other: Affiliated with WAM Research (ASX code: WAX) and WAM Capital (ASX code: WAM).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WAA Share Price v ASX All Ords

Share price*

Performance -0.1% -0.6% 5.5% 10.3% 6.7% 8.8%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -8.1% -4.6% -8.2% 0.8% -3.6% 2.6%

NTA+

Performance 3.7% 4.0% 10.3% 9.8% 8.2% 7.6%

Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -4.3% 0.0% -3.4% 0.3% -2.1% 1.4%


as at 30-Jun-18

Aveo Group Limited

Afterpay Touch Group Limited

APN Outdoor Group Limited

ARB Corporation Limited

Austal Limited

Bega Cheese Limited

Fairfax Media Limited

Greencross Limited

HT&E Limited

Risk/Return Indicators Portfolio Composition Janus Henderson Group Plc

Sharpe Standard Pengana International Equities Limited

Share price* Ratio Ratio Deviation Peet Limited

Year 1 -0.97 0.53 5.3% The Star Entertainment Group Limited

Year 3 0.07 0.84 9.2% Super Retail Group Limited

Year 5 -0.23 0.27 13.9% Seven Group Holdings Limited

NTA+ Southern Cross Media Group Limited

Year 1 -0.72 2.30 3.3% Templeton Global Growth Fund Limited

Year 3 0.04 1.71 4.2% 360 Capital Group Limited

Year 5 -0.23 1.04 5.1% Wealth Defender Equities Limited

WPP AUNZ Limited* The shareprice bench mark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against




WAA exhibits an active trading style, aiming to achieve a sound return with a low correlation to

traditional markets. The investment objectives are to deliver a growing income stream in the

form of fully franked dividends and to preserve capital in both the short and long term. WAA

uses a market driven approach to investing – aiming to take advantage of short-term relative

arbitrage and mispricing in the market. WAA participates in IPOs, rights issues, placements,

schemes of arrangement and looks for arbitrage opportunities and discount to asset plays.



Oscar Oberg and Tobias Yao. Directors: Geoffrey Wilson, Matthew Kidman, Chris Stott, Kate

Thorley and Emma Rugge-Price.

Capital Structure

Information

5,200

5,850

6,500

$0.96

$1.08

$1.20


WAA ALL ORDINARIES

Listed Equities

(68.2%)

Short Portf olio (-1.4%)

Fixed Interest & Cash

(33.2%)

-50%

-25%

0%

25%

50%

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



ABSOLUTE EQUITY PERFORMANCE FUND (AEG)Domestic Focused Share Price and NTA Summary

Mandate: Market Neutral Benchmark: RBA Cash Rate as at 30-Jun-18

Manager: Bennelong Long Short Equity Indirect cost ratio with perf. fee: 3.08% Share price $1.17


Post-tax NTA $1.16

Investment Strategy

Pre-tax NTA -2.1%

Post-tax NTA 0.4%



Yield 3.9%

Franking 100%


Key Information



Derivatives: Used for hedging Options/other 0.0m

Cash/Debt: $116m cash (30 Jun 2018), $0 debt/hybrid (31 Dec 2017) Fully diluted 101.3m

Dividend Reinvestment Plan: n/a Market capitalisation 118.0m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. AEG Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return 2.4% 9.1% -5.8% n/a n/a n/a

NTA+


Benchmark 0.4% 0.8% 1.5% 1.7% 2.0% 3.1%

Active return 7.0% 8.5% 9.9% n/a n/a n/a


Not Disclosed


Sharpe Standard


Year 1 -0.41 0.34 15.5% Gross Portfolio Structure

Year 3 n/a n/a n/a as at 30-Jun-18

Year 5 n/a n/a n/a Listed Securities (Long) 50.6

NTA+ Listed Securities (Short) -49.4

Year 1 0.90 0.79 11.0% Net Exposure 1.2

Year 3 n/a n/a n/a Cash 98.8

Year 5 n/a n/a n/a % of Total 100.0


the RBA Cash Rate.



AEG focusses on minimising market risk, sector risk and exogenous risk by creating a market

neutral fund through a portfolio of pair trades within primarily the ASX 100. A Pair Trade involves

short selling a security and using the proceeds to purchase a security in a similar industry with

an equal dollar value. This produces a portfolio of low volatility and largely exposed to company

specific risk, a risk The Manager believes has a greater ability to control.


Investment Personnel: Sam Shepherd (PM), Sam Taylor, Steven Lambeth, Justin Hay, Daniel

Sanelli . Directors: Marc Fisher (Chairman),Graham Hand, Andrew Reeve-Parker.

Capital Structure

Information

5,200

5,850

6,500

$0.96

$1.08

$1.20


AEG ALL ORDINARIES

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

2015 2016 2017 2018



WATERMARK MARKET NEUTRAL FUND (WMK)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed equities Benchmark: RBA Cash Rate as at 30-Jun-18

Manager: Watermark Funds Management Indirect cost ratio with perf. fee: 1.74% Share price $0.80

Listed: Jul-13 Indirect cost ratio w/out perf. fee: 1.56% Pre-tax NTA $0.95

Post-tax NTA $0.96

Investment Strategy

Pre-tax NTA -15.8%

Post-tax NTA -16.7%



Yield 4.4%

Franking 100%


Key Information



Derivatives: used for investment, leverage and hedging purposes. Options/other 0.0m

Cash/Debt: $66m cash (30 Jun 2018), $0 debt/hybrid (31 Dec 2017) Fully diluted 84.5m


Other: affiliated with Australian Leaders Fund (ALF)

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WMK Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%


NTA+

Performance -1.0% 1.0% -0.5% 3.8% n/a n/a

Benchmark 0.4% 0.8% 1.5% 1.7% 2.0% 3.1%

Active return -1.4% 0.2% -2.0% 2.1% n/a n/a


Not Disclosed

Risk/Return Indicators Net Exposure (%) Gross Portfolio Structure

Sharpe Standard as at 30-Jun-18

Share price* Ratio Ratio Deviation Listed Securities (Long) 95.2

Year 1 -2.34 -1.89 10.7% Listed Securities (Short) -92.5

Year 3 -0.27 0.19 11.9% Net Exposure 2.7

Year 5 n/a n/a n/a Cash 97.4

NTA+ % of Total 100

Year 1 -0.36 -0.59 5.4%

Year 3 0.36 0.20 5.8%

Year 5 n/a n/a n/a


the RBA Cash Rate.



WMK identifies "strong" companies to invest in and "weaker" companies to short, without being

fully exposed to the volatility and risks of the broader share market. The Manager looks to profit

from the mispricing of shares by taking advantage of the natural hedge between long and short

positions. The longs and shorts are approximately of equal value, while investors' capital is

retained in cash earning interest. The performance of WMK will be the interest on the cash at

bank plus the difference in the performance of the Long and Short portfolios.


Investment Personnel: Justin Braitling (CIO), Tom Richardson (PM), Harvey Migotti (Sector

Head), Hamish Chalmers, Delian Entchev, Nick Cameron, Ian Carmichael. Directors: Matthew

Kidman (Chairman), Justin Braitling, John Abernethy, Stephen Van Eyk and Rob Ferguson.

Capital Structure

Information

5,200

6,240

7,280

$0.75

$0.90

$1.05


WMK ALL ORDINARIES

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

2013 2014 2015 2016 2017 2018


Real Estate

Health Care

Materials

Energy

Utili ties

Telecomm.

Consumer

Financials

Industr ials

IT

-10% 0% 10%


DJERRIWARRH INVESTMENTS (DJW)Domestic Focused Share Price and NTA Summary




Investment Strategy Post-tax NTA $3.29

Pre-tax NTA 2.1%

Post-tax NTA 2.7%


Dividends (net) $0.2000

Personnel Yield 5.9%

Franking 100%


Key Information



Derivatives: Options typically written on between 20-50% of the Portfolio. Options/other 0.0m

Cash/Debt: $2.24m cash and $79.1m receivables (30 Jun 2018), $109.50m debt (30 Jun 2018) Fully diluted 220.9m

Dividend reinvestment plan: Yes, 5% discount to 5 day VWAP post ex-date Market capitalisation 746.8m

Other: Affiliated with AMCIL (AMH), AFIC (AFI) and Mirrabooka (MIR).

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. DJW Share Price v ASX All Ords

Share price*

Performance 3.0% -3.4% -2.8% -4.8% 1.3% 4.0%

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -5.0% -7.4% -16.5% -14.3% -9.0% -2.2%

NTA+

Performance 6.1% 1.5% 8.7% 5.4% 6.3% 4.9%

Benchmark 8.5% 4.3% 13.0% 9.0% 10.0% 6.4%

Active return -2.4% -2.8% -4.3% -3.6% -3.7% -1.5%


as at 30-Jun-18



BHP 6.0



CSL 4.0

Wesfarmers 3.7

Macquarie Group 3.3

Brambles 2.4

Risk/Return Indicators Sector Exposure (Top 20) Rio Tinto 2.3

Sharpe Standard Oil Search 2.2

Share price* Ratio Ratio Deviation Woodside Petroleum 2.1

Year 1 -1.30 -0.47 11.9% James Hardie Industries 2.1

Year 3 -1.20 -0.59 12.4% Transurban Group 2.1

Year 5 -0.76 -0.14 11.5% Woolworths Group 2.0

NTA+ Suncorp Group 2.0


Year 3 -1.85 0.25 11.3% Amcor 1.9

Year 5 -1.77 0.31 11.0% Telstra Corporation 1.8

Qube Holdings 1.6

% of Total 68.4* The shareprice benchmark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against





Capital Structure

Information

Investment personnel: Mark Freeman (CEO). Directors: John Paterson (Chariman), Alice

Williams, Graham Goldsmith, Kathryn Fagg, Karen Wood, and Robert Edgar.

DJW invests in Australian equities with a focus on stocks where there is an active options

market and/or sustainable dividend yield. The company aims to provide shareholders with

attractive investment returns through an enhanced level of dividends and attractive total returns

over the medium to long term. It takes a medium to longer term view of value which means that

the aim is to buy and hold individual stocks for the long term based on selection criteria which,

in summary, include: formulation and execution of the business strategy and its underlying

business value; and key financial indicators, including prospective price earnings relative to

projected growth, sustainability of earnings and dividend yield (including franking) and balance

sheet position including gearing, interest cover and cash flow.

5,200

5,850

6,500

$3.12

$3.51

$3.90


DJW ALL ORDINARIES

Financials

Materials

Industrials

Consumer Staples

EnergyOther

-100%

-75%

-50%

-25%

0%

25%

50%

75%

100%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



PLATO INCOME MAXIMISER (PL8)Domestic Focused Share Price and NTA Summary

Mandate: Australian Listed Equities Benchmark: S&P/ASX 200 FC Adj Daily TR as at 30-Jun-18

Manager: Plato Investment Mgmt Indirect cost ratio with perf. fee: n/a Share price $1.03

Listed: May-17 Indirect cost ratio w/out perf. fee: n/a Pre-tax NTA $1.10

Post-tax NTA $1.10

Investment Strategy

Pre-tax NTA -6.8%

Post-tax NTA -6.8%



Yield 4.1%

Franking 100%


Key Information



Derivatives: Only can invest in SPI futures Options/other 295.9m

Cash/Debt: $2.2m cash (31 Dec 2017) Fully diluted 592.5m


Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. PL8 Share Price v ASX All Ords

Share price*

Performance 6.7% -3.3% -2.6% n/a n/a n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%


NTA+


Benchmark 8.7% 5.0% 14.6% 10.7% 11.6% 8.0%



as at 30-Jun-18

BHP Billiton 6.4


CSL 5.7

Insurance Australia 4.3

Macquarie Group 3.7

Rio Tinto 3.7

Suncorp 3.7

Wesfarmers 3.1

Westpac 3.0

Risk/Return Indicators Sector Exposure (Top 10) Woolworths 2.8



Year 1 -1.36 -0.37 14.4%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

NTA+

Year 1 -2.09 0.99 7.6%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a


the S&P/ASX 200 Franking Credit Adj Daily Total Return Index.



PL8 aims to deliver income (inc. franking) and total returns in excess of the S&P/ASX200

Franking Credit Adjusted Daily Total Return Index. The Manager achieves this by 3 means;

dividend run-up effect, franking credits and running a dividend trap model. The final portfolio is

expected to display a portfolio composition similar to the underlying benchmark. The Company

aims to pay regular monthly dividends once it has sufficient profit reserves.


Investment Personnel: Dr Don Hamson, Todd Kennedy, Manoj Wanzare, Dr Peter Gardner, Dr

Mark Thompson, Dr Jonathan Whiteoak, Daniel Pennell, Wilson Thong. Directors: Jonathan

Trollip (Chairman), Katrina Onishi, Lorraine Berends, Alex Ihlenfeldt, Dr. Don Hamson.

Capital Structure

Information

5,200

6,240

7,280

$0.90

$1.08

$1.26


PL8 ALL ORDINARIES

Financials Materials

Consumer Staples

Health Care

-15%

-5%

5%

15%

$0.90

$1.00

$1.10

$1.20

2017 2018



MFF CAPITAL INVESTMENTS (MFF)International Focused Share Price and NTA Summary

Mandate: International Equities (US focus) Benchmark: MSCI World Index (AUD) as at 30-Jun-18

Manager: MFF Capital Investments Ltd Indirect cost ratio with perf. fee: 0.53% Share price $2.67


Post-tax NTA $2.29

Investment Strategy

Pre-tax NTA -3.3%

Post-tax NTA 16.6%



Yield 0.9%

Franking 100%


Key Information




Cash/Debt: $0.1m Cash and $2.4m Borrowings (30 Jun 2018) Fully diluted 541.0m


Other: Magellan Asset Management (MAM) provides investment research and admin services

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. MFF v MSCI World Index (AUD)

Share price*

Performance 19.4% 21.6% 38.8% 15.9% 16.8% 18.1%

Index 5.1% 4.9% 13.2% 7.9% 12.4% 6.8%

Active return 14.3% 16.7% 25.6% 8.0% 4.4% 11.3%

NTA+

Performance 8.9% 12.2% 19.9% 12.5% 19.0% 14.7%

Benchmark 5.1% 4.9% 13.2% 7.9% 12.4% 6.8%

Active return 3.8% 7.3% 6.7% 4.6% 6.6% 7.9%


as at 30-Jun-18

Visa 14.2

MasterCard 13.2

Home Depot 10.8

Lowe's 8.6

Bank of America 8.2

JP Morgan Chase 5.4

Alphabet 5.3

HCA Healthcare 4.5

Wells Fargo 4.2

Risk/Return Indicators Country Exposure (Portfolio) Facebook 4.0

Sharpe Standard US Bancorp 3.5

Share price* Ratio Ratio Deviation Lloyds Banking Group 2.9

Year 1 2.12 2.44 14.8% CVS Health 2.6

Year 3 0.60 0.82 16.2% DBS Group 1.4

Year 5 0.31 0.86 16.2% S&P Global 1.4

NTA+ United Overseas Bank 1.3

Year 1 1.10 2.00 8.6% Coca Cola 1.3

Year 3 0.66 0.74 13.3% Oversea-Chinese Banking 1.1

Year 5 0.88 1.20 13.4% Kraft Heinz 1.0

AECOM 0.9

% of Total 95.8* The shareprice bench mark has been compared against the M SCI World price index in AUD. + The NTA has been compared against the M SCI

World price index in AUD.



The primary focus of the portfolio is to invest in large listed international companies assessed

to have attractive business characteristics at a discount to their assessed intrinsic values. The

Directors believe that this will generate superior risk adjusted returns over the medium to long

term, while minimising the risk of permanent capital loss.


Investment Personnel: Chris Mackay (MD & Portfolio Manager).

Directors: Dick Warburton (Chairman), John Ballard, Andy Hogendijk, Chris Mackay

Capital Structure

Information

6,000

7,500

9,000

$1.80

$2.25

$2.70


MFF MSCI - World Index

Singapore (5.1%)United Kingdom (3.3%)

United States (91.6%)

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



PLATINUM CAPITAL (PMC)International Focused Share Price and NTA Summary

Mandate: Absolute Return Benchmark: MSCI All Country World Net Index as at 30-Jun-18

Manager: Platinum Asset Management Indirect cost ratio with perf. fee: 1.42% Share price $2.09


Post-tax NTA $1.65

Investment Strategy

Pre-tax NTA 19.4%

Post-tax NTA 26.7%



Yield 4.8%

Franking 100%


Key Information



Derivatives: Yes Options/other 0.0m

Cash/Debt: $20.1m cash, $0.0m debt (31 Dec 2017) Fully diluted 285.9m

Dividend reinvestment plan:Yes, 2.5% discount to 5 day average price post ex-date. Market capitalisation 597.6m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. PMC v MSCI World Index (AUD)

Share price*

Performance 5.3% 5.6% 31.2% 11.3% 13.5% 11.2%

Index 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%

Active return 0.8% 0.4% 16.2% 1.6% -0.6% 2.6%

NTA+

Performance -0.8% -0.1% 13.5% 6.8% 9.1% 9.4%

Benchmark 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%

Active return -5.3% -5.3% -1.5% -2.9% -5.0% 0.8%


as at 30-Jun-18

Alphabet Inc 3.1

Siemens AG 3.0

Samsung Electronics 3.0

Intel Corporation 2.7

Royal Dutch Shell PLC 2.5

Glencore PLC 2.4

TechnipFMC 2.3

Facebook Inc 2.2

Jiangsu Yanghe Brewery 2.2

Risk/Return Indicators Country Exposure (Portfolio) Murata Manufacturing 2.2



Year 1 1.48 2.82 10.1%

Year 3 0.12 0.74 11.9%

Year 5 -0.04 0.84 12.6%

NTA+

Year 1 -0.23 1.49 7.2%

Year 3 -0.53 0.48 8.7%

Year 5 -0.86 0.64 9.7%

* The shareprice bench mark has been compared against the M SCI All Country World Net Index. + The NTA has been compared against the M SCI

All Country World Net Index.



PMC utilises a bottom-up, stock selection methodology and is focused on absolute returns

over returns relative to any index. Investments may be in global equities, perceived by the

Manager as being incorrectly valued by the market. This is combined with screening software

that allows the Company to select stocks for further evaluation based on a specific criteria, as

determined by the Manager’s hypothesis regarding social, political or economic change.

These factors are intended to bring together a portfolio of stocks with a below average risk.


Directors: Margaret Towers (Chair), Jim Clegg, Richard Morath, Joanne Jefferies (Company

Secretary)

Capital Structure

Information

6,000

7,500

9,000

$1.48

$1.85

$2.22


PMC MSCI - World Index

Asia

Europe

North America

Japan

Af rica

Australia

Russia

Cash

-100%

-75%

-50%

-25%

0%

25%

50%

75%

100%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



ANTIPODES GLOBAL INVESTMENT COMPANY (APL)International Focused Share Price and NTA Summary

Mandate: Absolute Return Benchmark: MSCI All Country World Net Index as at 30-Jun-18

Manager: Antipodes Partners Indirect cost ratio with perf. fee: n/a Share price $1.18

Listed: Oct-16 Indirect cost ratio w/out perf. fee: n/a Pre-tax NTA $1.27

Post-tax NTA $1.24

Investment Strategy

Pre-tax NTA -7.1%

Post-tax NTA -4.8%



Yield 0.0%

Franking n/a


Key Information



Derivatives: Yes Options/other 201.7m

Cash/Debt: $41.96m cash, $0.0m debt (30 Jun 2018) Fully diluted 576.1m

Dividend reinvestment plan:n/a Market capitalisation 441.7m

Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. APL v MSCI World Index (AUD)

Share price*

Performance -2.5% -6.0% -5.2% n/a n/a n/a

Index 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%


NTA+


Benchmark 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%



as at 30-Jun-18

Electricite de France 2.8

Baidu 2.7

Gilead Sciences 2.7

Cisco Systems 2.7

KT Corporation 2.7

INPEX 2.7


KB Financial Group 2.5

Ping An Insurance Group 2.4

Risk/Return Indicators Net Market Cap Exposure (%) Microsoft 2.4


Share price* Ratio Ratio Deviation Net Regional Exposure (%)

Year 1 -4.82 -1.12 7.1%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

NTA+

Year 1 -1.71 0.52 6.5%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a





APL is a global asset manager offering a pragmatic value approach. The objective of the

strategy is to generate absolute returns in excess of the benchmark, at below market levels of

risk. APL seeks to take advantage of the market’s tendency for irrational extrapolation, identify

investments that offer a high margin of safety and build portfolios with a capital preservation

focus. APL deploys multiple levers - longs, shorts and currency management - to manage risk

and drive returns. Typical net equity exposure is in the 50-100% range


Investment Personnel: Jacob Mitchell (PM), Andrew Baud (Deputy PM), Sunny Bangia (Deputy

PM), Graham Hay (Deputy PM). Directors: Jonathan Trollip (Chairman), Chris Cuffe, Lorraine

Berends, Andrew Findlay, Alex Ihlenfeldt.

Capital Structure

Information

6,000

7,500

9,000

$0.92

$1.15

$1.38


APL MSCI - World Index

Mega (>$100b)

Large (>$25<$100b) Medium

(>$5<$25b)

Small (<$5b)

-20%

-10%

0%

10%

20%

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

2016 2017 2018


Rest of World

Australia

Japan

Korea/Taiwan

North America

Eurozone

China/Hong Kong

-10% 0% 10% 20%


TEMPLETON GLOBAL GROWTH FUND (TGG)International Focused Share Price and NTA Summary

Mandate: Absolute return Benchmark: MSCI All Country World TR (AUD) as at 30-Jun-18

Manager: Templeton Global Equity Group Indirect cost ratio with perf. fee: 1.16% Share price $1.42


Post-tax NTA $1.50

Investment Strategy

Pre-tax NTA -9.0%

Post-tax NTA -5.3%



Yield 3.2%

Franking 100%


Key Information



Derivatives: none. Options/other 0.0m

Cash/Debt: $10.7m cash (30 Jun 2018), $0.0 debt (31 Dec 2017) Fully diluted 222.2m


Other: On-market Buy-back.

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. TGG v MSCI World Index (AUD)

Share price*

Performance 3.3% 0.4% 7.9% 6.4% 10.2% 7.3%

Index 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%

Active return -1.2% -4.8% -7.1% -3.3% -3.9% -1.3%

NTA+

Performance 2.2% 1.5% 8.3% 4.5% 9.5% 6.5%

Benchmark 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%

Active return -2.3% -3.7% -6.7% -5.2% -4.6% -2.1%

Share Price and NTA Top 10 Holdings

as at 30-Jun-18

Samsung Electronics

BP PLC

Oracle Group

Royal Dutch Shell

Alphabet Inc

BNP Paribas Sa

Citigroup Inc

Capital One Financial

Softbank Group

Risk/Return Indicators Portfolio Sector Weighting (%) Teva Pharmaceutical

Sharpe Standard

Share price* Ratio Ratio Deviation Portfolio Regional Weighting (%)

Year 1 -1.52 0.74 7.1%

Year 3 -0.42 0.32 12.2%

Year 5 -0.40 0.51 14.2%

NTA+

Year 1 -1.86 0.78 7.1%

Year 3 -1.22 0.17 11.2%

Year 5 -1.10 0.59 11.1%





TGG’s investment process endeavours to identify undervalued equity securities through

fundamental company analysis, using a global industry focus and a long-term investment

horizon. The investment approach can be characterised by three underlying tenets: Value,

Patience and Bottom-Up Analysis. The portfolio of investments is unhedged.


Directors: Chris Freeman (chairman), Gregory McGowan, Martin Warwick, Michael O'Brien, Alok

Sethi and Joanne Dawson.

Capital Structure

Information

6,000

7,500

9,000

$1.00

$1.25

$1.50


TGG MSCI - World Index

FinancialsHealth Care

IT

Energy

Industrials Consumer Discretionary

Telecomm. Serv ices

Materials

Consumer Staples

Real Estate

Mid-East/Africa

Asia

North America

Europe

0% 10% 20% 30% 40%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.50

$1.00

$1.50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



PENGANA INTERNATIONAL EQUITIES (PIA)International Focused Share Price and NTA Summary

Mandate: International Equities Benchmark: M SCI World Return Net Div Reinvested AUD as at 30-Jun-18

Manager: Pengana Capital Group Indirect cost ratio with perf. fee: 1.98% Share price $1.16


Post-tax NTA $1.21

Investment Strategy

Pre-tax NTA -5.7%

Post-tax NTA -4.5%



Yield 6.0%

Franking 100%


Key Information



Derivatives: Only used to hedge against foreign currency exposure. Options/other 242.7m

Cash/Debt: $37.31m cash (30 Jun 2018), $0m debt (30 Dec 2017) Fully diluted 490.1m


Other: Specialist fund investing in International Equities.

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. PIA v MSCI World Index (AUD)

Share price*

Performance 4.4% 1.3% 11.5% 6.1% 13.8% 8.0%

Index 5.8% 6.1% 15.4% 10.0% 14.7% 9.0%

Active return -1.4% -4.8% -3.9% -3.9% -0.9% -1.0%

NTA+

Performance 0.4% 3.5% 10.2% 2.1% 10.3% 6.2%

Benchmark 5.8% 6.1% 15.4% 10.0% 14.7% 9.0%

Active return -5.4% -2.6% -5.2% -7.9% -4.4% -2.8%

Share Price and NTA Top 10 Holdings

as at 30-Jun-18

Bharti Infratel

Cigna

Dollar General

Heineken

KAR Auction Services

Newmont Mining

Reckitt Benckiser

Sabre

Tencent Holdings

Risk/Return Indicators Portfolio Sector Weighting (%) Wacker Chemie

Sharpe Standard


Year 1 -0.32 0.81 10.8%

Year 3 -0.24 0.24 14.4%

Year 5 -0.05 0.69 15.7%

NTA+

Year 1 -0.98 2.06 3.6%

Year 3 -0.68 -0.04 10.1%

Year 5 -0.40 0.67 10.9%

* The shareprice bench mark has been compared against the M SCI World Acc Net Return ($A). + The NTA has been compared against the M SCI

World Acc Net Return ($A).



PIA focuses on investing in a well-constructed portfolio of growing businessess at reasonable

valuations. It employs a benchmark unaware strategy with unrestricted access to all

international share markets. An intergral element of the portfolio construction process is the

division of stock into three segments: Core, Cyclical and Opportunistic. Core stocks will

represent 60-80% of the LIC while Cyclical or Opportunistic provide opportunity for material

upside. PIA will still apply its current ethical screen to its portfolio.


Investment Personnel: Jordan Cvetanovski (CIO), Steven Glass, James McDonald. Directors:

Francis Gooch (Chairman), Julian Constable, David Groves, Russel Pillemer.

Capital Structure

Information

6,000

7,500

9,000

$0.84

$1.05

$1.26


PIA MSCI - World Index

Materials

Consumer Staples

IT

IndustrialsFinancials

Health Care

Other

Net Cash

13.0%

0.4%

3.7%

5.1%

10.6%

31.0%

36.1%

Net Cash

Options

EM - Latin…

UK

EM - Asia

Europe ex-UK

North America

0% 10% 20% 30% 40% 50%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

$0.10

$0.30

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

$1.70

$1.90

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



PM CAPITAL GLOBAL OPPORTUNITIES (PGF)International Focused Share Price and NTA Summary

Mandate: International Equities Benchmark: MSCI World Index (AUD) as at 30-Jun-18

Manager: PM Capital Indirect cost ratio with perf. fee: 1.49% Share price $1.33


Post-tax NTA $1.28

Investment Strategy

Pre-tax NTA -4.3%

Post-tax NTA 3.9%



Yield 2.7%

Franking 100%


Key Information



Derivatives: The manager has the ability to borrow and short sell, max leverage of 30% of NAV. Options/other 0.0m

Cash/Debt: $0.3m cash, $75.9m Debt (31 Dec 2017) Fully diluted 350.9m


Other: The Manager actively manages currency exposure

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. PGF v MSCI World Index (AUD)

Share price*


Index 5.5% 5.8% 15.3% 9.9% 11.5% 5.6%

Active return 4.9% 3.9% 8.9% 2.4% n/a n/a

NTA+


Benchmark 5.5% 5.8% 15.3% 9.9% 11.5% 5.6%


Share Price and NTA Stock Example

as at 30-Jun-18

Howard Hughes Corporation

Cairn Homes

Bank of America

Alphabet

Pfizer

MGM China Holdings

KKR & Co L.P.

Risk/Return Indicators Domicile of Listing (%) Portfolio Investment Weighting (%)

Sharpe Standard


Year 1 1.27 2.55 8.4%

Year 3 0.23 0.64 15.1%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.18 1.81 6.7%

Year 3 -0.16 0.41 14.9%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the M SCI World Accum Index in AUD. + The NTA has been compared against the M SCI

World Accum Index in AUD.



PGF offers investors with a diversified portfolio of around 40 listed global (including Australia)

equities, with an objective to provide long term capital growth to investors. The Manager utilises

a fundamental bottom-up, research intensive investment process, investing in a portfolio of

global companies which the Manager views as undervalued. Also note, PGF invests on a long

term basis with at least 7 year time horizon.


Investment Personnel: Paul Moore (CIO), Kevin Bertoli, Jarod Dawson, John Whelan, Uday

Cheruvu, Clement Tseung, Annabelle Symons, Chen Lin. Directors: Andrew McGill (Chairman),

Brett Spork, Ben Skilbeck

Capital Structure

Information

6,000

7,500

9,000

$0.92

$1.15

$1.38


PGF MSCI - World Index

North America

Europe

United Kingdom

Asia (ex-Japan)

Australia

Short Equities

Gaming

Other

Pharmaceuticals

EUR Property Recovery

US Housing Recovery

Alt. Invest. Managers

Service Monopol ies

Global Domestic Banking

-20% 0% 20% 40%

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

2013 2014 2015 2016 2017 2018



ELLERSTON GLOBAL INVESTMENTS (EGI)International Focused Share Price and NTA Summary

Mandate: International Equities Benchmark: MSCI World Index (Local) as at 30-Jun-18

Manager: Ellerston Capital Indirect cost ratio with perf. fee: 1.41% Share price $1.07

Listed: Oct-14 Indirect cost ratio w/out perf. fee: 1.41% Pre-tax NTA $1.17

Post-tax NTA $1.14

Investment Strategy

Pre-tax NTA -8.5%

Post-tax NTA -6.1%



Yield 3.7%

Franking 100%


Key Information



Derivatives: Can hedge against currency movements. Options/other 0.0m

Cash/Debt: $21.93m cash (30 Jun 2018), $0.0m Debt (31 Dec 2017) Fully diluted 109.8m

Dividend reinvestment plan: 2.5% discount over 5 day VWAP Market capitalisation 117.5m

Other: Affliated with EAI

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. EGI v MSCI World Index (AUD)

Share price*


Index 3.6% 1.3% 10.9% 8.6% 11.1% 7.2%


NTA+


Benchmark 3.6% 1.3% 10.9% 8.6% 11.1% 7.2%



as at 30-Jun-18

Equiniti Group Plc 7.6

Zayo Group Holdings Inc 6.7

Entertainment One Ltd 5.0

Interxion Holding NV 4.9

Huntsman Corp 4.8

Cellnex Telecom Sa 4.2

Stars Group Inc-The 4.0

Premier Inc 3.9

Keysight Technologies Inc 3.6

Risk/Return Indicators Portfolio Sector Weighting (%) Comerica Inc 3.2



Year 1 -0.07 0.56 13.0%

Year 3 -0.66 -0.18 13.4%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.73 0.35 8.4%

Year 3 -0.63 0.23 8.1%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the M SCI World Index (Local). + The NTA has been compared against the M SCI World

Index (Local).



EGI offers investors exposure to a diversified portfolio of international equities using the

Manager’s high conviction, contrarian and benchmark independent investment approach. The

Manger undertakes a disciplined ‘bottom up’ stock selection based on fundamental analysis .

This is overlayed with the Manager’s ‘top down’ assessment of macroeconomic conditions

and the market outlook. The investment portfolio will be relatively concentrated with a target of

10-40 securities.


Investment Personnel: Ashok Jacob (CIO), Arik Star, Travis Duff, David Serry, Bill Pridham.

Directors: Ashok Jacob (Chairman), Sam Brougham, Paul Dortkamp, Stuart Robertson.

Capital Structure

Information

6,000

7,500

9,000

$0.80

$1.00

$1.20


EGI MSCI - World Index

IT


TelecommunicationsFinancials

Industrials

Health Care

Other

Cash

Canada

Asia Pacific

Europe/UK

United States

0% 25% 50% 75%

-30%

-20%

-10%

0%

10%

20%

30%

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

2014 2015 2016 2017 2018



WATERMARK GLOBAL LEADERS FUND (WGF)International Focused Share Price and NTA Summary

Mandate: Global listed equities, Long/Short Benchmark: RBA Cash Rate as at 30-Jun-18

Manager: Watermark Funds Management Indirect cost ratio with perf. fee: n/a Share price $0.92

Listed: Dec-16 Indirect cost ratio w/out perf. fee: n/a Pre-tax NTA $1.08

Post-tax NTA $1.07

Investment Strategy

Pre-tax NTA -15.3%

Post-tax NTA -14.5%



Yield 0.0%

Franking n/a


Key Information



Derivatives: The manager has the ability to short-sell securities. Options/other 82.8m

Cash/Fixed Income: $74.8m (30 Jun 2018), Debt: $0.0m (31 Dec 2017) Fully diluted 165.4m


Other: affiliated with Australian Leaders Fund (ALF) & Watermark Market Neutral Fund (WMK)

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. WGF v MSCI World Index (AUD)

Share price*


Index 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%


NTA+


Benchmark 0.4% 0.8% 1.5% 1.7% 2.0% 3.1%


Share Price and NTA Gross Portfolio %

as at 30-Jun-18

Listed Securities (Long) 108

Listed Securities (Short) -102

Net Exposure 6

Hybrids/Bonds 0

Cash 94

Gross Assets 100

Risk/Return Indicators Gross Regional Exposure Net Sector Exposure (%)

Sharpe Standard


Year 1 -2.17 -1.90 6.6%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

NTA+

Year 1 -0.32 -0.57 4.7%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

* The shareprice benchmark has been compared against the M SCI All Country World Net Index. + The NTA has been compared against the RBA

Cash Rate.



WGF offers investors an alternative to traditional ‘long only’ global LICs by running a market

neutral strategy. This investment approach provides a long/short mandate that allows the

company to take advantage of both undervalued and overvalued global securities. The

proceeds raised from short selling securities provides funding for WGF to retain as cash or

reinvested into the Long portfolio. Typically, the Manager will hold between 40-80 securities

within both the Long and Short portfolios.


Investment Personnel: Justin Braitling (Chief Investment Officer), Tom Richardson (Portfolio

Manager), Harvey Migotti (PM), Hamish Chalmers (Analyst), Delian Entchev (Analyst), Nick

Cameron (Analyst). Directors: Philip Howard (Chairman), Justin Braitling, John Abernethy and

Tim Bolger.

Capital Structure

Information

6,000

7,500

9,000

$0.72

$0.90

$1.08


WGF MSCI - World Index

North America

Europe (ex-UK)Australia

UK

Other

Others

Consumer

Real Estate

Energy

Telecomm. Services

Materials

Financials

Health Care

IT

-10% 0% 10%

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

2016 2017 2018



GLOBAL VALUE FUND (GVF)International Focused Share Price and NTA Summary

Mandate: I'ntl (Multi Assets) Benchmark: BBSW 1 Year Rate + 4% as at 30-Jun-18

Manager: Mirabella Financial Services^ Indirect cost ratio with perf. fee: 3.55% Share price $1.07


Post-tax NTA $1.09

Investment Strategy

Pre-tax NTA -3.3%

Post-tax NTA -2.3%



Yield 5.9%

Franking 50%


Key Information

Exposure: International/Domestic, Equities/Fixed Income/Derivatives/Managed Funds, Cash


Derivatives: Used for arbitrage and to manage currency exposures. Options/other 0.0m

Cash/Debt: $25.1m cash (30 Jun 2018), $0.0m Debt (31 Dec 2018) Fully diluted 147.3m


Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. GVF v MSCI World Index (AUD)

Share price*


Index 2.2% 2.5% 7.3% 4.8% 7.0% 4.9%

Active return -3.4% -8.8% -10.2% 2.0% n/a n/a

NTA+


Benchmark 1.5% 3.0% 6.0% 6.0% 6.3% 7.4%



as at 30-Jun-18

Pershing Square Holdings 8.3

Deutsche Multi-Market 5.8

Third Point Offshore 4.9

Frontier Market Small-Cap 4.4

MVC Capital 4.4

% of Total 27.8

Risk/Return Indicators Portfolio Asset Exposure (%) Underlying Currency Exposure (%)

Sharpe Standard


Year 1 -1.79 -0.94 6.0%

Year 3 0.26 0.59 7.3%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.04 0.85 3.7%

Year 3 -0.41 0.07 7.2%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the a weight ing of 50%M SCI ACWI (AUD) and 50%BBSW 1 Year Rate. + The NTA has

been compared against the BBSW 1 Year Rate + 4 %. ^The M anager has seconded the investment team at Staude Capital to manage the GVF.



GVF invests globally using a discount capture strategy, owning a range of global assets

purchased at a discount to their intrinsic value. GVF aims to provide an alternative source of

market outperformance compared to more common stock selection strategies. The Manager

is based in London and has considerable experience in selecting global assets that fit this

mandate, and in identifying or creating catalysts that will be used to unlock this value. GVF is

the only ASX LIC to develop a strategy of investing in global LICs across all asset classes.


Investment Personnel: Miles Staude. Directors: Jonathan Trollip (Chairman), Geoffrey Wilson,

Chris Cuffe, Miles Staude.

Capital Structure

Information

6,000

7,500

9,000

$0.80

$1.00

$1.20


GVF MSCI - World Index

Listed Debt Instruments

Listed Equity

Listed Priv ate Equity

Listed Hedge Funds Other

Cash

OTHER

EUR

AUD

USD

0% 10% 20% 30% 40% 50%

-30%

-20%

-10%

0%

10%

20%

30%

$0.50

$0.70

$0.90

$1.10

$1.30

$1.50

2014 2015 2016 2017 2018



ARGO GLOBAL LISTED INFRASTRUCTURE (ALI)International Focused Share Price and NTA Summary

Mandate: Global Listed Infrastructure Benchmark: FTSE Global Core 50/50 as at 30-Jun-18

Manager: Argo Service Company Indirect cost ratio with perf. fee: 1.51% Share price $1.80


Investment Strategy Post-tax NTA $2.12

Pre-tax NTA -16.7%

Post-tax NTA -15.1%

Personnel Historic Dividend (prior 12-mths)

Dividends (net) $0.0375

Yield 2.1%

Franking 0%


Key Information



Derivatives: Can hedge against extreme currency movements and enhance income. Options/other 0.0m



Other: Portfolio managed by Cohen & Steers (New York based)

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. ALI v MSCI World Index (AUD)

Share price*


Index 6.6% 3.8% 6.7% 8.5% 12.4% 7.8%

Active return 0.5% -8.1% -7.3% n/a n/a n/a

NTA+


Benchmark 6.6% 3.8% 6.7% 8.5% 12.4% 7.8%



as at 30-Jun-18

NextEra Energy 5.6

Crown Castle 5.3

Enbridge 4.5

American Tower 4.3

Union Pacifc 3.9

Oneok 3.6

Kinder Morgan 3.1

Xcel Energy 2.9

% of Total 33.2

Risk/Return Indicators Portfolio Subsector Exposure Portfolio Regional Exposure

Sharpe Standard


Year 1 -0.71 -0.25 13.3%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

NTA+

Year 1 0.03 0.44 9.2%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the FTSE Global Core Infrastructure 50/50 Index. + The NTA has been compared against

the FTSE Global Core Infrastructure 50/50 Index.




Capital Structure

Information

ALI invests in listed global infrastructure. Its investment strategy involves a top down approach

of their Global Investment universe – followed by a bottom up analysis of individual securities.

The portfolio is concentrated across 50 – 100 stocks with a significant weighting to US

Infrastructure securities. ALI believes this strategy offers a value add to investors as global

infrastructure is an asset class that has historically been characterised by stable income,

strong returns, low volatility and low correlation to broader equity and fixed income markets.

Investment Personnel: Cohen & Steers Inc, Rob Becker (PM), Ben Morton (PM), Grace Ding,

Humberto Medina, Thuy Quynh Dang, Tyler Rosenlicht, Kathleen Morris, Saagar Parikh.

Directors: Russell Higgins AO (Chairman), Joycelyn Morton, Gary Simon, Andrea Slattery,

Jason Beddow.

6,000

7,500

9,000

$1.36

$1.70

$2.04


ALI MSCI - World Index

Electric

Midstream Energy

Railway s

Communications

Other

Cash

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2015 2016 2017 2018


United States

Europe

Canada

Asia Pacif ic

Other

Cash


ELLERSTON ASIAN INVESTMENTS (EAI)International Focused Share Price and NTA Summary

Mandate: Asian Equities Benchmark: MSCI AC Asia Ex-Jpn ($AUD) as at 30-Jun-18

Manager: Ellerston Capital Indirect cost ratio with perf. fee: 1.23% Share price $1.07

Listed: Sep-15 Indirect cost ratio w/out perf. fee: 1.23% Pre-tax NTA $1.11

Post-tax NTA $1.13

Investment Strategy

Pre-tax NTA -3.6%

Post-tax NTA -5.3%



Yield 0.0%

Franking n/a


Key Information



Derivatives: Can hedge against currency movements. Options/other 61.9m



Other: Affliated with EGI

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. EAI v MSCI Asia (ex-Jpn) Index

Share price*


Index -2.5% -0.5% 11.6% 6.1% 10.2% 6.0%

Active return 0.7% -3.1% 2.8% n/a n/a n/a

NTA+


Benchmark -2.5% -0.5% 11.6% 6.1% 10.2% 6.0%



as at 30-Jun-18

Tencent Holdings 7.6


Ping An Insurance Group 5.2

Alibaba 4.7

HK Exchanges & Clearing 4.0

TSMC 3.7

DBS Group Holdings 3.5

HDFC 3.2

Maruti Suzuki 3.2

Risk/Return Indicators Portfolio Sector Weighting (%) Reliance Industries 3.0



Year 1 0.31 1.16 10.1%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

NTA+

Year 1 -0.72 0.18 14.4%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the M SCI Asia (Ex Japan) Price Index in AUD. + The NTA has been compared against the

M SCI Asia (Ex Japan) Price Index in AUD.



EAI provides investors with access to a portfolio of Asian Equity securities. Its investment

strategy constructs a concentrated portfolio of between 20-50 large capitalisation, high quality,

high growth Asian Equity Securities. It provides exposures to the Managers high conviction,

benchmark independent style of investing which aims to identify high growth companies

valued at a reasonable price.


Investment Personnel: Ashok Jacob (CIO), Mary Manning, Eric Fong, Freddy Hoh, Vinay Narsi.

Directors: Ashok Jacob (Chairman), Sam Brougham, Paul Dortkamp, Stuart Robertson.

Capital Structure

Information

750

975

1,200

$0.75

$1.00

$1.25


EAI MSCI Asia (ex-Jpn)

Financials

IT

Consumer

Materials

Other

Cash

Cash

Taiwan

ASEAN

Korea

India

China/Hong Kong

0% 25% 50%

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

2015 2016 2017 2018



PM CAPITAL ASIAN OPPORTUNITIES FUND (PAF)International Focused Share Price and NTA Summary

Mandate: Asian (Ex- Jpn) Equities Benchmark: MSCI AC Asia Ex-Jpn as at 30-Jun-18

Manager: PM Capital Indirect cost ratio with perf. fee: 1.48% Share price $1.13


Post-tax NTA $1.18

Investment Strategy

Pre-tax NTA -10.3%

Post-tax NTA -4.2%



Yield 4.4%

Franking 100%


Key Information



Derivatives: The manager has the ability to indirectly gear the portfolio by short selling. Options/other 0.0m

Cash/Debt: $9.7m cash, $3.6m Debt (31 Dec 2017) Fully diluted 56.3m


Other: The Manager actively manages currency exposure.

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. PAF v MSCI Asia (ex-Jpn) Index

Share price*


Index -1.7% 0.6% 14.1% 8.5% 11.2% 5.5%


NTA+


Benchmark -1.7% 0.6% 14.1% 8.5% 11.2% 5.5%



as at 30-Jun-18

Heineken Malaysia

Dali Food Group

HSBC Holdings

Turquoise Hill Resources

Baidu

MGM China Holdings Ltd

NagaCorp

Sinopec Kantons

Risk/Return Indicators Portfolio Sector Weighting (%) Portfolio Regional Weighting (%)

Sharpe Standard


Year 1 -0.46 0.30 17.8%

Year 3 0.04 0.40 16.4%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.74 0.59 8.4%

Year 3 -0.12 0.39 12.3%

Year 5 n/a n/a n/a

* The shareprice bench mark has been compared against the M SCI Asia (Ex Japan) Net Index. + The NTA has been compared against the M SCI

Asia (Ex Japan) Net Index.



PAF offers investors with a diversified portfolio of around 15-35 Asian listed equities (ex-

Japan), of which the Manager considers to be undervalued. With a wide investment universive,

the Manager focuses on key thematics (like the gaming industry or the communications

industry) that the Manager believes will provide long term growth in Asia. The Manager's

investment process is a research intensive, bottom up approach which identifies both risk and

opportunity.


Investment Personnel: Paul Moore (CIO), Kevin Bertoli, Jarod Dawson, John Whelan, Uday

Cheruvu, Clement Tsueng, Annabelle Symons, Chen Lin. Directors: Andrew McGill (Chairman),

Todd Barlow, Ben Skilbeck

Capital Structure

Information

750

975

1,200

$0.90

$1.17

$1.44


PAF MSCI Asia (ex-Jpn)

Consumer -Breweries

Consumer -Other

Financials

Capital Goods &

Commodities

Online Classif ieds & Ecommerce

Gaming

Oil & Gas Inf rastructure

Other

Singapore

Australia

Malaysia

Korea

North America

Hong Kong

0% 10% 20% 30%

-30%

-20%

-10%

0%

10%

20%

30%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

2014 2015 2016 2017 2018



FUTURE GENERATION INVESTMENT CO (FGX)Domestic Focused Share Price and NTA Summary

Mandate: Fund of funds Benchmark: All Ordinaries Accumulation as at 30-Jun-18

Manager: Future Gen Investment Fund Indirect cost ratio with perf. fee: 0.14% Share price $1.26

Listed: Sep-14 Indirect cost ratio w/out perf. fee: 0.14% Pre-tax NTA $1.28+The company does not charge a management fee or performance fee

Post-tax NTA $1.24

Investment Strategy

Pre-tax NTA -2.0%

Post-tax NTA 1.2%



Yield 3.5%

Franking 100%


Key Information





Dividend Reinvestment Plan: Yes, 2.5% discount to 4 day VWAP from (and including) ex-date Market capitalisation 440.9m

Other: Lieu of mgmt/perf. fees, a yearly donation of 1.0% of its NTA to support 'children at risk' charities.

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. FGX Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return 0.3% 5.3% 5.3% -1.9% n/a n/a

NTA+


Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%

Active return -1.6% 1.9% 1.8% -0.6% n/a n/a


as at 30-Jun-18

Bennelong Aus Equity 12.0

Regal Aus Long Short 10.5

WAM Equity Fund 8.6

Tribeca Alpha Plus Fund 7.4

Paradice Mid Cap 6.6

Eley Griffiths Small Comp. 5.5

Cooper Investors Aus 5.4

Paradice Large Cap 5.3

Watermark Market Neutral 4.8

Risk/Return Indicators Sector Exposure (Portfolio) Sandon Capital Activist 4.4

Sharpe Standard Bennelong Long Short 3.6

Share price* Ratio Ratio Deviation Firetrail Absolute Return 3.2

Year 1 0.94 3.13 5.2% L1 Cap Long Short Fund 3.0

Year 3 -0.21 0.72 6.9% ARCO Invest Absolute 2.8

Year 5 n/a n/a n/a L1 Capital Aus Equity 2.5

NTA+ CBG Asset Aus Equity 2.5

Year 1 0.61 2.85 4.5% Vivna Aus Equties 2.4

Year 3 -0.09 0.98 6.5% The Level 18 Fund 1.7

Year 5 n/a n/a n/a LHC Cap Aus High Conv. 1.7

Eley Griffiths Em. Comp. 1.0





FGX will invest in a portfolio of funds that are largely investing in Australian equities. The vehicle

will aim to provide a stream of fully franked dividends, achieve capital growth and to preserve

capital. The managers are able to invest in any asset class and utilise any investment strategy

in line with their investment mandate. Mandates include large-small cap, broad cap, deep

value, active extension, absolute return and activism. The composition of the portfolio will vary

over time, and the maximum allocation to a fund manager will be 20% of capital.


Investment Personnel: Geoffrey Wilson, Gabriel Radzyminski, Matthew Kidman, Bruce

Tomlinson & David Smythe. Directors: Jonathan Trollip (Chairman), Geoffrey Wilson, Gabriel

Radzyminski, David Paradice, David Leeton, Scott Malcolm & Kate Thorley.

Capital Structure

Information

5,200

5,850

6,500

$1.04

$1.17

$1.30


FGX ALL ORDINARIES

Long Equities

Absolute Bias Market

Neutral

Cash

-10%

-5%

0%

5%

10%

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

2014 2015 2016 2017 2018



FUTURE GENERATION GLOBAL INVEST CO (FGG)International Focused Share Price and NTA Summary

Mandate: Fund of funds Benchmark: MSCI World Index (AUD) as at 30-Jun-18

Manager: Future Gen Investment Fund Indirect cost ratio with perf. fee: 0.45% Share price $1.36

Listed: Sep-15 Indirect cost ratio w/out perf. fee: 0.45% Pre-tax NTA $1.33+The company does not charge a management fee or performance fee

Post-tax NTA $1.27

Investment Strategy

Pre-tax NTA 2.3%

Post-tax NTA 7.1%



Yield 0.7%

Franking 100%


Key Information



Derivatives: Used to enhanced or protect returns. Options/other 0.0m



Other: Lieu of mgmt/perf. fees, a yearly donation of 1.0% of its NTA to support 'mental health' charities.

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. FGG v MSCI World Index (AUD)

Share price*


Index 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%

Active return 6.1% 2.7% 12.0% n/a n/a n/a

NTA+


Benchmark 4.5% 5.2% 15.0% 9.7% 14.1% 8.6%

Active return -0.1% 3.3% 1.2% n/a n/a n/a

Share Price and NTA Holdings %

as at 30-Jun-18

Antipodes Global Fund 10.0

Cooper Global -Unhedged 9.9

Magellan Global Fund 9.7

Caledonia Fund 8.8

Marsico Global Fund 8.1

VGI Partners Funds 7.6

Nikko AM Global 6.1

Munro Global Growth 6.0

Manikay Global Opp USD 4.6

Risk/Return Indicators Sector Exposure (Portfolio) Ellerston Global Mid/Small 4.5

Sharpe Standard Morphic Global Opp Fund 4.2

Share price* Ratio Ratio Deviation NB Systematic Global 3.6

Year 1 1.30 2.61 9.3% Paradice Global Small/Mid 3.2

Year 3 n/a n/a n/a Avenir Global Fund 3.0

Year 5 n/a n/a n/a Cash and Term Deposits 10.7

NTA+ % of Total 100.0

Year 1 0.33 2.31 5.8%

Year 3 n/a n/a n/a

Year 5 n/a n/a n/a

* The shareprice benchmark has been compared against the M SCI All Country World TR Index. + The NTA has been compared against the M SCI

All Country World TR Index.



FGG will invest in a portfolio of funds that are predominantly investing in Global equities. The

vehicle’s objective is to provide a stream of fully franked dividends and achieve capital growth .

FGG can invest in any asset class and utilise any investment style or strategy. Mandates

include long equities, absolute bias and quantitative strategy. The composition of the

investment portfolio will vary over time, and the maximum single allocation to a fund manager

will be limited to 10%. FGG is permitted to invest directly into global and domestic equities.


Investment Personnel: Geoffrey Wilson, Amanda Gillespie, Aman Ramrakha, Sean Webster,

Chris Donohoe. Directors: Belinda Hutchinson (Chair), Geoffrey Wilson, Frank Caserotti, Keira

Grant, Karen Penrose, Sarah Morgan.

Capital Structure

Information

6,000

7,500

9,000

$1.00

$1.25

$1.50


FGG

Long Equities

Absolute Bias

Quantitativ e Strategies

Cash

-30%

-20%

-10%

0%

10%

20%

30%

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$1.50

2015 2016 2017 2018



URB INVESTMENTS (URB)Domestic Focused Share Price and NTA Summary

Mandate: Australian Listed Equity& Property Benchmark: 8.0% p.a. Hurdle as at 30-Jun-18

Manager: Contact Asset Mgmt Indirect cost ratio with perf. fee: n/a Share price $0.90

Listed: Apr-17 Indirect cost ratio w/out perf. fee: n/a Pre-tax NTA $1.05

Post-tax NTA $1.05

Investment Strategy

Pre-tax NTA -14.3%

Post-tax NTA -14.3%



Yield 0.6%

Franking 100%


Key Information

Exposure: International/Domestic, Equities/Fixed Income/Property/Derivatives, Cash





Other: n/a

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. URB Share Price v ASX All Ords

Share price*

Performance -5.8% -13.4% -15.1% n/a n/a n/a

Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%


NTA+


Benchmark 1.9% 3.9% 8.0% 8.0% 8.0% 8.0%

Active return 0.0% -3.4% -6.5% n/a n/a n/a


as at 30-Jun-18

PURT5 - Prestons 18.0

PURT3 - Kingsgrove 12.9

PURT4 - Penrith 10.2


Sydney Airport 6.3

HomeHQ - Artarmon 3.9

LendLease Group 3.6

360 Capital Group 2.7

AGL Energy Ltd 2.3

Risk/Return Indicators Sector Exposure (Top 20) Harvey Norman Holdings 2.2

Sharpe Standard AVJennings 2.2

Share price* Ratio Ratio Deviation Stockland 2.1

Year 1 -1.97 -1.36 13.0% AP Eagers 2.0

Year 3 n/a n/a n/a Woolworths Limited 2.0

Year 5 n/a n/a n/a National Storage REIT 1.9

NTA+ Mirvac Group 1.7

Year 1 -2.14 -0.42 3.1% BWP Trust 1.5

Year 3 n/a n/a n/a Goodman Group 1.5

Year 5 n/a n/a n/a Regis Healthcare 1.4

CIMIC Group 1.3

% of Total 86.0* The shareprice benchmark has been compared against the S&P/ASX All Ordinaries Accumulat ion Index. + The NTA has been compared against

the 8.0% performance benchmark.



URB is a research driven LIC focused on capturing long-term value by investing in a diversified

portfolio of assets with exposure to urban renewal and regeneration. URB provides

shareholders access to a diversified portfolio of equity assets exposed to urban renewal as

well as direct access to exclusive urban renewal deals through a co-invest agreement with

Soul Pattinson in all Direct Property opportunities.


Investment Personnel: Tom Millner, Will Culbert. Directors: Warwick Negus (Chairman),

Victoria Weekes, Tony McDonald, Bruce Dungey.

Capital Structure

Information

5,200

6,240

7,280

$0.80

$0.96

$1.12


URB ALL ORDINARIES

Equity Assets

Direct Property

Cash

-30%

-20%

-10%

0%

10%

20%

30%

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

2017 2018



SANDON CAPITAL INVESTMENTS (SNC)Domestic Focused Share Price and NTA Summary

Mandate: Australian listed Benchmark: BBSW 1 Month Rate as at 30-Jun-18

Manager: Sandon Capital Indirect cost ratio with perf. fee: 4.72% Share price $0.93


Post-tax NTA $0.96

Investment Strategy

Pre-tax NTA -6.6%

Post-tax NTA -3.6%



Yield 7.6%

Franking 100%


Key Information



Derivatives: No derivatives currently employed Options/other 0.0m

Cash/Debt: $1.48m (30 Jun 2018) cash, $0 debt/hybrid (31 Dec 17) Fully diluted 48.4m

Dividend reinvestment plan: No Market capitalisation 44.8m

Other: na

Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a. SNC Share Price v ASX All Ords

Share price*


Index 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%


NTA+


Benchmark 8.0% 4.0% 13.7% 9.5% 10.3% 6.2%



Not Disclosed

Risk/Return Indicators Sector Exposure (Top 20)

Sharpe Standard


Year 1 -0.80 0.38 7.4%

Year 3 0.02 0.60 12.0%

Year 5 n/a n/a n/a

NTA+

Year 1 -0.65 0.70 7.0%

Year 3 -0.07 0.69 8.9%

Year 5 n/a n/a n/a





The company’s investment philosophy is to build a concentrated portfolio of undervalued

securities where the manager believes that there are opportunities to encourage change to

unlock the securities’ intrinsic value. SNC will aim to deliver an absolute positive return over the

medium to long term while preserving capital and providing growth.


Investment Personnel: Gabriel Radzyminski (Managing Director), Campbell Morgan. Directors:

Gabriel Radzyminski (Chairman), Matthew Kidman, Peter Velez and Melinda Snowden .

Capital Structure

Information

5,200

5,850

6,500

$0.88

$0.99

$1.10


SNC ALL ORDINARIES

Listed Equity

Cash or Cash Equiv alents

-30%

-20%

-10%

0%

10%

20%

30%

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

2017 2018



Appendix A: Glossary of terms Annualised Compound Total Returns: The Annualised Compound Total Return calculates the constant yearly return that would result in the initial value of an investment reaching its present value. Active Management: Investing with the goal of outperforming a benchmark index. Balanced Investing: Investing in securities with neither a preference for Growth or Value investing. Beta: In the context of this report, a Beta is a representation of the tendency of a company’s share price to respond to swings in the Market. A Beta of 1 indicates that a company’s share price will move in line with the Market. A Beta of greater than 1 indicates that a share’s price will be more volatile than the Market. Our Market Proxy is the All Ordinaries Accumulation Index. Dilutive Security: When a company issues additional shares in itself at a price below the current value of existing shares this will have a dilutive effect. Estimated Fully Diluted NTA: Some LICs have additional securities that have the ability to convert to, or create, new ordinary securities in the Company. If a security can be converted to ordinary securities at a price lower than the LIC’s NTA, this will dilute its NTA on a per share basis. Excess Return to Risk Ratio: This ratio, also known as the Sharpe Ratio (see Sharpe Ratio for definition), provides a measure of the return of each portfolio relative to the risk taken by the Investment Manager in achieving that return. A high return is only desirable if it does not come with too much additional risk (volatility of returns - see Standard Deviation). Grossed Up Dividend Yield: Dividends paid plus any franking credits passed on to shareholders. We have focused on this measure to enable valid comparison between LICs whose dividends are franked and those that are not. Growth Investing: Investing in securities with a bias towards higher projected Earnings Per Share growth rates and Return On Equity. Indirect Cost Ratio: The ICR, as defined in the Corporations Act 2001, is the ratio of the Fund’s management costs to average net assets. In layman's terms, it covers all expenditure, excluding transaction and finance costs, in the management of the Fund. This includes management fees, performance fees, marketing, audit, legal, rent, etc. We are using this method of calculation to standardise the cost ratios across our LIC universe, given many different interpretations of the MER calculations by LICs and the inability to confirm the calculation. ICR is generally accepted as the principal expense ratio calculation for the Managed Funds industry. Net Tangible Assets (NTA): Total assets of the Company minus any intangible assets such as goodwill and trademarks, less all liabilities of the Company. This is calculated before any theoretical tax is payable if the entire portfolio was sold. The largest liability of most LICs is the Management Fee, while some LICs also provide for performance fees, should the LIC’s portfolio achieve certain benchmarks. Management fees are generally a reflection of how actively a portfolio is managed as well as its size. Option Adjusted Portfolio Return: A LIC’s calculated portfolio return over a period may be negatively impacted if there are new securities issued during a period. This is because the Manager will not have been able to generate returns off the new funds over the entire period, which will detract from the performance of the overall portfolio. Accordingly, where new securities have been issued in a LIC we will remove the impact of those securities creating an Option Adjusted Portfolio Return. Passive Management: Investing in an attempt to track the return of the underlying benchmark index. Typically a passively managed portfolio has good diversification, low turnover (good for keeping down internal transaction costs), and lower management fees. Premium/Discount to Pre-Tax NTA: While share prices of LICs are generally based around their NTA, the vagaries of supply and demand, as well as the market perception of a company's outlook, mean that a LIC’s share price may move substantially below (discount) or above (premium) its NTA.


Appendix A: Glossary of terms (continued) Renounceable Rights Issue: This is an offer by the LIC to shareholders to purchase more shares in the Company. Given these rights are normally issued at a discount they have an inherent value that can be traded on the ASX. Stapled Options: These are options that cannot be traded individually. They are attached to a share or similar security and this combined security must be traded in a ‘bundle’. Total Shareholder Return (TSR): Highlights total increase in the value of $100 invested in a LIC over a given period by a shareholder on the assumption that dividends are reinvested. TSR takes into account grossed up dividends paid as well as share price appreciation and may differ from share price performance in this regard. Value Investing: Investing in securities that appear to be undervalued taking in to consideration certain valuation metrics.


Appendix B: Legend to Performance Measures The following provides an explanation of each item contained within ‘our performance measures’.

Figure 1 - Historical Performance of Pre-Tax NTA and Security Price versus the Benchmark

Performance - The Annualised Compound Total Return calculates the compound yearly return over a period, inclusive of dividends. Dividends are reinvested from the payment date using the most recent historical pre-tax NTA for the NTA performance calculation and the closing price of the security on the prepayment date for the security calculation. Where a LIC has been listed for less than three years each return has been adjusted to reflect the annualised return since its listing. Benchmark - The relevant benchmark has been selected by the Manager. In some instances, the exact Index as selected by a LIC will not be readily available. In such cases, we have determined the most appropriate surrogate index to provide readers with a reasonable guide as to the performance and volatility of that LIC’s benchmark. The benchmark is either sourced from IRESS or Bloomberg. Active-return - Active Return is the difference between the pre-tax NTA or security price and the underlying benchmark. A positive difference indicates an outperformance versus the benchmark and a negative difference indicates an underperformance relative to the benchmark. Figure 2 - Return and Premium/Discount to pre-tax NTA

Share Price - The light grey line highlights the total increase in the value of $100 invested by that Investment Manager over the time period (assumes dividends reinvested) on a pre-tax basis. Portfolio performance is measured in dollars on the left-hand axis of the Graph. Pre-Tax NTA - The black line provides a total increase in the value of $100 if the investor were able to liquidate the investment at the underlying Pre-Tax NTA over the time period (assumes dividends reinvested). Performance is also referenced to the left-hand axis of the Graph. Premium/Discount to Pre-Tax NTA - The light green columns represent the share price premium/discount relative to month-end pre-tax NTA and is measured as a percentage on the right-hand axis.

-30%

-20%

-10%

0%

10%

20%

30%

-$50

$0

$50

$100

$150

$200

$250

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


Performance 3-mth 6-mth 1 year 3 yr p.a. 5 yr p.a. 10 yr p.a.

Share price*

Performance 3.9% -6.0% -14.7% 5.4% -0.6% 6.9%

Index 1.9% -9.6% -11.4% 8.5% -2.1% 6.3%

Active return 2.0% 3.6% -3.3% -3.1% 1.5% 0.6%

NTA+

Performance 3.4% -7.8% -7.8% 9.0% 0.1% 7.4%

Benchmark 2.1% -9.7% -10.5% 7.6% -2.3% 6.2%

Active return 1.3% 1.9% 2.7% 1.4% 2.4% 1.2%


Appendix B: Legend to Performance Measures (continued) Figure 3 - Risk Return Indicators

Information Ratio - This Ratio is a measure of the risk adjusted return of the LIC. It is defined as the Active Return divided by the Tracking Error. Active Return is the difference between the return of the security and the return of a selected benchmark index. The Tracking Error is the standard deviation of the Active Return. Sharpe Ratio - This Ratio provides a measure of the return of each LIC’s portfolio relative to the risk taken by the Investment Manager in achieving that return. A high return is only desirable if it does not come with too much additional risk (volatility of returns - see Standard Deviation). A Sharpe Ratio is calculated by subtracting a selected Risk Free Rate (Aust. Govt 10-year Bond yield) from a return, and dividing that by the Standard Deviation of that return. Standard Deviation: This is a measure of the dispersion of a portfolio’s returns around its average return. A data set that has many monthly returns a long way from the average return will have a greater standard deviation than a set of monthly returns that are close to the average. In the context of this report, we calculate the average monthly return of each LIC, as represented by changes in its NTA, and from this we can calculate a standard deviation from its average. Theoretically, a LIC that achieves the exact same return every month would have a standard deviation of zero. Tracking Error: This measures how much the return of a portfolio deviates from the return of its benchmark index. A data set that has a low Tracking Error means that its returns are closely tracking the Portfolio’s benchmark. Tracking Error is the standard deviation of the differences between the return of the portfolio and the return of the benchmark.


Information Sharpe Standard Tracking

Share price* Ratio Ratio Deviation Error

Year 1 0.18 -0.02 16.4% 15.0%

Year 3 -0.40 -0.62 33.2% 30.2%

Year 5 0.16 -0.18 32.1% 30.5%

NTA+

Year 1 2.21 0.99 11.4% 3.1%

Year 3 -0.60 -0.56 29.2% 7.2%

Year 5 -0.65 -0.33 25.8% 10.1%

Iron

Gold

Diversified

Platinum

Copper

Coal


Appendix C: Disclosures

WAM Research (WAX): WAX announced an Equity Raising on 28 October 2013. WAM paid

a service fee equal to 1.0% (excluding GST) of the Application Monies provided. Bell Potter Securities and its Advisers shared in this Fee.

Australian Leaders Fund (ALF): ALF announced an Equity Raising on 24 October 2013. ALF

paid a service fee equal to 1.25% (excluding GST) of the Application Monies provided. Bell Potter Securities and its Advisers shared in this Fee.

WAM Capital (WAM): WAM announced an Equity Raising on 14 October 2013. WAM paid a

stamping fee equal to 1.0% (excluding GST) of the Application Monies provided. Bell Potter Securities and its Advisers shared in this Fee.

Watermark Market Neutral Fund (WMK): WMK listed on 18 July 2013. WMK paid a stamping

fee equal to 1.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Clime Capital (CAM): CAM announced a Renounceable Right Issue on 13 February 2013.

CAM paid a stamping fee equal to 1.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Cadence Capital (CDM): CDM announced an Equity Raising on 14 January 2013. CDM paid

a stamping fee equal to 2.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Australian Leaders Fund (ALF): ALF announced an Equity Raising on 19 December 2012.

ALF paid a stamping fee equal to 1.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Cadence Capital (CDM): CDM announced an Equity Raising on 20 September 2012. CDM

paid a stamping fee equal to 2.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

WAM Capital (WAM): WAM announced an Equity Raising on 23 July 2012. WAM paid a

stamping fee equal to 1.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

PM Capital Global Opportunities Fund (PGF): Bell Potter Securities was a Joint Lead

Manager of the PM Capital Global Opportunities Fund IPO on 12 December 2013. PGF paid a service fee equal to 1.25% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Platinum Capital (PMC): Bell Potter Securities was a Co-Manager of the Platinum Capital

Placement in November 2013 and received a fee for the service.

Watermark Market Neutral Fund (WMK): WMK announced a Placement on 24 March 2014.

WMK paid a stamping fee equal to 1.0% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Clime Capital (CAM): CAM announced a Placement on 20 March 2014. CAM paid a service

fee equal to 1.5% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Future Generation Investment Fund (FGX): FGX paid a service fee equal to 1.82% (excluding

GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

PM Capital Asia (PAF): PAF paid a service fee equal to 1.50% (excluding GST) of the

Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Acorn Capital Investment Fund (ACQ): Bell Potter Securities was a Joint Lead Manager of

the Acorn Capital Investment Fund IPO on 1 May 2014, but did not receive a Corporate Fee for this Service. ACQ paid a service fee equal to 1.5% (excluding GST) of the Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Global Value Fund (GVF): GVF paid a service fee equal to 2.50% (excluding GST) of the

Application Monies provided with valid Application Forms bearing a Licensee’s stamp to the extent Shares were allotted. Bell Potter Securities and its Advisers shared in this Fee.

Magellan Flagship Fund (MFF): Bell Potter Securities was a Co-Manager of the MFF

Renounceable Rights issue in May 2015 and received a fee for the service.

Argo Global Listed Infrastructure (ALI): Bell Potter Securities was a Co-Lead Manager for this

IPO in July 2015 and received a fee for the service.

Wealth Defenders Equity (WDE): Bell Potter Securities was a Co-Lead Manager for this IPO

in October 2015 and received a fee for the service.


Appendix C: Disclosures (continued)

Monash Absolute Investment Company Limited (MA1): Bell Potter Securities was a Joint

Lead Manager for this IPO in April 2016 and received a fee for the service.

WAM Leaders Limited (WLE): Bell Potter Securities was a Co-Manager for this IPO in May

2016 and received a fee for the service.

Antipodes Global Investment Company Ltd (APL): Bell Potter Securities was a Co-Manager

for this IPO in October 2016 and received a fee for the service.

Thorney Technologies Ltd (TEK): Bell Potter Securities was the Lead Manager for two

placement offers to raise up to $15m in September 2017 and received a fee for the service.

Thorney Opportunities Ltd (TOP): Bell Potter Securities was the Lead Manager for a share

placement in November 2017 and received a fee for the service.

URB Investments Limited (URB): Bell Potter Securities was a Joint Lead Manager for this

IPO in April 2017 and received a fee for the service.

Contango Global Growth (CQG): Bell Potter Securities was a Joint Lead Manager for this

IPO in June 2017 and received a fee for the service.

MCP Master Income Trust (MXT): Bell Potter Securities was a Co-Manager for this IPO in

September 2017 and received a fee for the service.

Magellan Global Trust (MGG): Bell Potter Securities was a Co-Lead Manager for this IPO in

October 2017 and received a fee for the service.

MCP Master Income Trust (MXT): Bell Potter Securities was a Co-Manager for the MXT

Entitlement Offer in March 2018 and received a fee for the service.

L1 Long Short Fund (LSF): Bell Potter Securities was a Co-Manager for this IPO in April 2018

and received a fee for the service.

Gryphon Capital Income Trust (GCI): Bell Potter Securities was a Co-Manager for this IPO in

May 2018 and received a fee for the service.

WAM Global Limited (WGB): Bell Potter Securities was a Co-Manager for this IPO in June

2018 and received a fee for the service.

Important Disclaimer—This may affect your legal rights: Because this document has been prepared without consideration of any specific client’s financial situation, particular needs and investment objectives, a Bell Potter Securities Limited investment adviser (or the financial services licensee, or the proper authority of such licensee, who has provided you with this report by arrangement with Bell Potter Securities) should be consulted before any investment decision is made. While this document is based on the information from sources which are considered reliable, Bell Potter Securities Limited, its directors, employees and consultants do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate. Nor does Bell Potter Securities Limited accept any responsibility to inform you of any matter that subsequently comes to its notice, which may affect any of the information contained in this document. This document is a private communication to clients and is not intended for the public circulation or for the use of any third party, without the prior approval of Bell Potter Securities Limited. In the USA and the UK this research is only for institutional investors. It is not for release, publication or distribution in whole or in part to any persons in the two specified countries. This is general investment advice only and does not constitute advice to any third party. Disclosure of Interest: Bell Potter Securities Limited receives commission from dealing in securities and its authorised representatives, or introduc ers of business, may directly share in this commission. Bell Potter Securities and its associates may hold shares in the companies recommended.

Net Yield 4.0 5.8 8.4 5.9 6.0 24 August 2018 LISTED ... · GC1 Glennon Small Companies Limited...

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